Gas Price Movement- December 26, 2019

December 27, 2019

Brent Oil

Brent oil prices increased by 2.07% or US$1.38, as prices increased this week relative to the prior week. Oil traded on December 26, 2019 at a price of US$67.92 per barrel relative to US$66.54 on December 19, 2019. Brent oil began the year at US$55.95 per barrel.

Petrojam prices

87 Octane prices increased this week by 0.20% (JMD$0.26). Additionally, 90 Octane increased by 0.20% or (JMD$0.26) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$127.20 and J$130.04 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 23, 2019, it was noted that, “The U.S. average regular gasoline retail price fell less than 1 cent from the previous week to $2.53 per gallon, 21 cents higher the same time last year. The West Coast price decreased by almost 5 cents to $3.23 per gallon, the Rocky Mountain price declined 4 cents to $2.69 per gallon, and the Gulf Coast price fell by over 1 cent to $2.22 per gallon. The Midwest price increased more than 1 cent to $2.40 per gallon, and the East Coast rose by nearly 1 cent, remaining at $2.46 per gallon.”

“The U.S. average diesel fuel price went down by almost 1 cent from the previous week, declining to $3.04 per gallon on December 23, 4 cents lower than the same time last year. The Rocky Mountain price decreased by over 3 cents to $3.13 per gallon, the West Coast price declined more than 2 cents to $3.59 per gallon, and the East Coast and Midwest prices fell by under 1 cent, remaining at $3.05 per gallon and $2.97 per gallon, respectively. The Gulf Coast price remained unchanged at $2.76 per gallon.”

Inventories for Propane/propylene decrease

There was a decrease in U.S. propane/propylene stocks last week by 2.6 million barrels to 88.4 million barrels as of December 20, 2019. This was 6.6 million barrels (8.1%) higher than the five-year (2014-2018) average inventory levels year over year. Additionally, Gulf Coast, Rocky Mountain/West Coast, East Coast, and Midwest inventories decreased by 2.1 million barrels, 0.2 million barrels, 0.2 million barrels, and 0.1 million barrels, respectively. Propylene non-fuel-use inventories represented 6.5% of total propane/propylene inventories.

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