Gas Price Movement- August 08, 2019

Date: August 08, 2019

Brent Oil

Brent oil prices decreased by 5.16% or US$3.12, as prices decreased this week relative to the prior week. Oil traded on August 08, 2019 at a price of US$57.38 per barrel relative to US$60.50 on August 01, 2019. Brent oil began the year at US$54.91 per barrel.

Petrojam prices

87 Octane prices decreased this week by 2.27% (JMD$3.00). Additionally, 90 Octane decreased by 2.22% or (JMD$3.00) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$129.25 and J$132.09 per litre respectively.


Figure 1: Petrojam, U.S.  Gulf Coast Conventional Gasoline Regular and Brent Crude Oil 1 Year Price History


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U.S. average regular gasoline and diesel prices decrease

On August 05, 2019, it was noted that, “The U.S. average regular gasoline retail price fell 3 cents from the previous week to $2.69 per gallon, almost 16 cents lower the same time last year. The Gulf Coast price dropped almost 4 cents to $2.39 per gallon, the East Coast price declined 3 cents to $2.60 per gallon, the Midwest price fell nearly 3 cents to $2.63 per gallon and the West Coast price decreased over 1 cent to $3.29 per gallon. In addition, the Rocky Mountain price fell almost 1 cent to $2.70 per gallon.”

“The U.S. average diesel fuel price went down 1 cent remaining at $3.03 per gallon on August 05, 19 cents lower than the same time last year. The Gulf Coast price dropped almost 1 cent, remaining at $2.79 per gallon, and the West Coast. East Coast and Rocky Mountain prices declined lower than 1 cent, remaining at $3.61 per gallon, $3.06 per gallon and $2.97 per gallon, respectively. The Midwest price went up less than 1 cent, remaining at $2.94 per gallon.”

Inventories for Propane/propylene decline

There was an increase in U.S. propane/propylene stocks last week by 2.9 million barrels to 83.3 million barrels as of August 02, 2019. This was 6.8 million barrels (8.8%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Gulf Coast, Midwest and East Coast inventories increased by 2.0 million barrels, 0.5 million barrels and 0.4 million barrels, respectively. While, Rocky Mountain/West Coast inventories went up slightly, remaining unchanged. Propylene non-fuel-use inventories represented 4.9% of total propane/propylene inventories.

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