Gas Price Movement – December 05, 2019

December 05, 2019

Brent Oil

Brent oil prices decreased by 0.75% or US$0.48, as prices decreased this week relative to the prior week. Oil traded on December 5, 2019 at a price of US$63.39 per barrel relative to US$63.87 on November 28, 2019. Brent oil began the year at US$55.95 per barrel.

Petrojam prices

87 Octane prices decreased this week by 2.36% (JMD$3.06). Additionally, 90 Octane decreased by 2.31% or (JMD$3.06) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$126.78 and J$129.62 per litre respectively.

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

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U.S. average regular gasoline and diesel prices increase

On December 2, 2019, it was noted that, “The U.S. average regular gasoline retail price fell less than 1 cent from the previous week to $2.58 per gallon, 12 cents higher the same time last year. The West Coast price dropped over 6 cents to $3.41 per gallon, the Gulf Coast price decreased more than 1 cent to $2.23 per gallon, and the Rocky Mountain price declined almost 1 cent to $2.82 per gallon. Midwest price, however, increased by more than 2 cents to $2.42 per gallon, and the East Coast price inched up by almost 2 cent to $2.48 per gallon.”

“The U.S. average diesel fuel price went up by under 1 cent to $3.07 per gallon on December 2, 14 cents lower than the same time last year. The Midwest price increased greater than 1 cent to $2.98 per gallon, the East Coast price inched up almost 1 cent to $3.06 per gallon, and the Gulf Coast price increased by less than 1 cent to remain at $2.78 per gallon. The West Coast price declined nearly 2 cents to $3.70 per gallon and the Rocky Mountain price decreased almost 1 cent to $3.24 per gallon.”


Inventories for Propane/propylene decrease

There was a decrease in U.S. propane/propylene stocks last week by 1.7 million barrels to 91.8 million barrels as of November 29, 2019. This was 4.1 million barrels (4.6%) higher than the five-year (2014-2018) average inventory levels year over year. Additionally, Midwest, East Coast, and Gulf Coast inventories decreased by 0.8 million barrels, 0.7 million barrels, and 0.4 million barrels respectively. Rocky Mountain/West Coast inventories rose by 0.2 million barrels. Propylene non-fuel-use inventories represented 5.8% of total propane/propylene inventories.

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