Gas Price Movement -August 27, 2020

August 27, 2020

Brent Oil

Brent oil prices increased by 0.65% or US$0.29, as prices rose this week relative to the prior week. Oil traded on August 27, 2020 at a price of US$45.19 per barrel relative to US$44.90 on August 20, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

87 Octane prices increased this week by 1.30% (JMD$1.54). Additionally, 90 Octane increased by 1.27% or (JMD$1.54) this week. 87 Octane and 90 Octane opened the year 2020 at J$127.27 and J$130.11 respectively and now trades at J$119.94 and J$122.78 per litre respectively.



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

 This Week in Petroleum

U.S. average regular gasoline price increases, diesel prices decrease

On August 24, 2020, it was noted that, “The U.S. average regular gasoline retail price increased by nearly 2 cents from the previous week to $2.18 per gallon on August 24, 39 cents lower than the same time last year.” The West Coast and Midwest prices each experienced increases of more than 2 cents to $2.86 per gallon and $2.07 per gallon, respectively. The Gulf Coast price rose almost 2 cents to $1.87 cents per gallon, the East Coast climbed 1 cent to $2.10 per gallon, and the Rocky Mountain price rose close to 1 cent to $2.35 per gallon.

The average diesel fuel price in the U.S. decreased less than a cent but remained unchanged at $2.43 per gallon as at last week, and 56 cents lower when compared to the same period last year. The Gulf Coast price decreased less than 1 cent to $2.17 per gallon, and the East Coast decreased below 1 cent, remaining relatively unchanged at $2.51 per gallon. The Midwest price stood at $2.31 per gallon. The West Coast and Rocky Mountain prices each experienced a rise of less than 1 cent, remaining unchanged at $2.96 per gallon and $2.37 per gallon, respectively.

Inventories for Propane/propylene increase

There was rise in U.S. propane/propylene stocks last week by 1.5 million barrels to 90.8 million barrels as of August 21, 2020. This was 7.5 million barrels (9.0%) higher than the five-year (2015-2019) average inventory levels year over year.

Additionally East Coast, Midwest, and Rocky Mountain/West Coast inventories rose by 0.8 million barrels, 0.4 million barrels, and 0.3 million barrels, respectively. However, Gulf Coast inventories increased marginally, remaining virtually unchanged.

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