Gas Price Movement- December 19, 2019

December 19, 2019

Brent Oil

Brent oil prices increased by 3.44% or US$2.21, as prices increased this week relative to the prior week. Oil traded on December 19, 2019 at a price of US$66.41 per barrel relative to US$64.20 on December 12, 2019. Brent oil began the year at US$55.95 per barrel.

Petrojam prices

87 Octane prices increased this week by 0.06% (JMD$0.07). Additionally, 90 Octane increased by 0.05% or (JMD$0.07) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$126.94 and J$129.78 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 decrease

On December 16, 2019, it was noted that, “The U.S. average regular gasoline retail price fell almost 3 cents from the previous week to $2.54 per gallon, 17 cents higher the same time last year. The West Coast and Rocky Mountain prices each declined over 6 cents to $3.27 per gallon and $2.73 per gallon, respectively. The Midwest price dropped greater than 3 cents to $2.39 per gallon, while the East Coast price dropped 2 cents to $2.46 per gallon. The Gulf Coast price climbed nearly 3 cents to $2.23 per gallon.”

“The U.S. average diesel fuel price went down by less than a cent to remain at $3.05 per gallon on December 16, 8 cents lower than the same time last year. The Rocky Mountain price decreased nearly 5 cents to $3.16 per gallon, and the West Coast price decreased by over 3 cents to $3.62 per gallon. The East Coast, Midwest, and Gulf Coast prices each increased by less than 1 cent, remaining at $3.05 per gallon, $2.97 per gallon, and $2.76 per gallon, respectively.”

Inventories for Propane/propylene decrease

There was a decrease in U.S. propane/propylene stocks last week by 2.5 million barrels to 91.0 million barrels as of December 13, 2019. This was 7.4 million barrels (8.9%) higher than the five-year (2014-2018) average inventory levels year over year. Additionally, Gulf Coast, East Coast, Midwest, and Rocky Mountain/West Coast inventories fell by 1.2 million barrels, 0.7 million barrels, 0.6 million barrels, and 0.1 million barrels respectively. Propylene non-fuel-use inventories represented 6.0% of total propane/propylene inventories.

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