Gas Price Movement- February 06, 2020

February 06, 2020

Brent Oil

Brent oil prices decreased by 5.78% or US$3.37, as prices fell this week relative to the prior week. Oil traded on February 6, 2020 at a price of US$54.92 per barrel relative to US$58.29 on January 30, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

87 Octane prices decreased this week by 0.04% (JMD$0.05). Additionally, 90 Octane decreased by 0.04% or (JMD$0.05) 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$121.70 and J$124.54 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 February 03, 2020, it was noted that, “the U.S. average regular gasoline retail price declined over 5 cents from the previous week to $2.46 per gallon, 20 cents higher than the prior year. Moreover, the East Coast, Midwest, and Gulf Coast prices all decreased almost 6 cents to $2.39 per gallon, $2.31 per gallon, and $2.14 per gallon, respectively. The Rocky Mountain price also experienced a decline by nearly 3 cents to $2.53 per gallon, while the West Coast price inched down almost 2 cents to $3.16 per gallon.

The average diesel fuel price in the U.S. decreased almost 5 cents to $2.96 per gallon relative to the previous week, and 1 cent lower when compared to the same period last year. “The Midwest and the Gulf Coast prices each experienced a decrease of over 6 cents to $2.84 per gallon and $2.71 per gallon, respectively. Likewise, the West Coast price fell about 5 cents to $3.52 per gallon, the East Coast price declined more than 4 cents to $3.00 per gallon, and the Rocky Mountain price fell 4 cents to $2.94 per gallon.”

Inventories for Propane/propylene increase

There was an increase in U.S. propane/propylene stocks last week by 0.6 million barrels to 83.4 million barrels as of January 31, 2020. This was 21.9 million barrels (35.7%) higher than the five-year (2015-2019) average inventory levels year over year. Additionally, Gulf Coast and East Coast inventories both experienced increases by 1.1 million barrels and 0.5 million barrels respectively. Whereas, Midwest and Rocky Mountain/West Coast inventories decreased by 0.8 million barrels and 0.2 million barrels, respectively. Propylene non-fuel-use inventories represented 6.6% of total propane/propylene inventories.

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