Gas Price Movement – December 24, 2020

Brent Oil

Brent oil prices decreased by 0.70% or US$0.36, as prices decreased this week relative to the prior week. Oil traded on December 24, 2020 at a price of US$51.14 per barrel relative to US$51.50 on December 17, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

87 Octane prices increased this week by 1.34% (JMD$1.46). Additionally, 90 Octane increased by 1.31% or (JMD$1.46) 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$110.35 and J$113.19 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 and diesel prices increases

On December 21, 2020, it was noted that, “the U.S. average regular gasoline retail price increased nearly 7 cents, to $2.22 per gallon on December 21, 31 cents lower than the same time last year.” The East Coast price increased more than 5 cents to $2.19 per gallon, the Gulf Coast price increased by 9 cents to $1.93 per gallon. The Midwest price increased greater than 11 cents to $2.12 per gallon and the West Coast price increased almost by 1 cent to $2.78 per gallon. Meanwhile the Rocky Mountain price increased greater than 2 cents to $2.19 per gallon.

The average diesel fuel price in the U.S. rose by 6 cents to $2.62 per gallon as at last week, and 42 cents lower when compared to the same period last year. The Gulf Coast price climbed greater than 7 cents to $2.38 per gallon, Midwest price increased more than 8 cents to $2.56 per gallon and East Coast price rose almost by 5 cents to $2.65 per gallon. The Rocky Mountain price rose almost by 3 cents to $2.38 per gallon and West Coast price increased more than 2 cents to $3.10 per gallon.


Inventories for Propane/propylene decreases

There was a decrease in U.S. propane/propylene stocks last week by 2.3 million barrels to 81.6 million barrels as of December 18, 2020. This was 3.1 million barrels (3.9%) higher than the five-year (2015-2019) average inventory levels same time last year.

Additionally, Gulf Coast and Midwest inventories decreased by 1.5 million barrels and 1.0 million barrels, respectively. Rocky Mountain/West Coast inventories dropped slightly but remained unchanged. East Coast inventories rose by 0.2 million barrels.

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