Gas Price Movement- August 22, 2019

Date: August 22, 2019

Brent Oil

Brent oil prices increased by 3.31% or US$1.93, as prices increased this week relative to the prior week. Oil traded on August 22, 2019 at a price of US$60.16 per barrel relative to US$58.23 on August 15, 2019. Brent oil began the year at US$54.91 per barrel.

Petrojam prices

87 Octane prices increased this week by 0.74% (JMD$0.38). Additionally, 90 Octane increased by 0.29% or (JMD$0.38) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$126.57 and J$129.41 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 $2.60 per gallon, almost 22 cents lower the same time last year. The Gulf Coast price dropped almost 6 cents to $2.27 per gallon, the East Coast price declined 4 cents to $2.52 per gallon, the West Coast and Rocky Mountain prices each decreased nearly 2 cents to $3.24 per gallon and $2.67 per gallon, respectively and the Midwest price dropped close to 1 cent, remaining at $2.52 per gallon.”

“The U.S. average diesel fuel price went down 2 cent remaining at $2.99 per gallon on August 19, 21 cents lower than the same time last year. The Midwest price declined more than 2 cents to $2.90 per gallon, the West Coast and East Coast prices each dell almost 2 cents to $3.56 per gallon and $3.02 per gallon, respectively, the Gulf Coast price declined over  cent to $2.75 per gallon, and the Rocky Mountain price fell below 1 cent, remaining at $2.94 per gallon.”

Inventories for Propane/propylene rise

There was an increase in U.S. propane/propylene stocks last week by 4.0 million barrels to 90.5 million barrels as of August 16, 2019. This was 10.2 million barrels (12.7%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Gulf Coast, Midwest and Rocky Mountain/West Coast inventories increased 2.0 million barrels, 1.0 million barrels, 0.7 million barrels and 0.4 million barrels, respectively. Propylene non-fuel-use inventories represented 4.4% of total propane/propylene inventories.

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