Gas Price Movement- February 14, 2019

Brent Oil

Brent oil prices increased by 3.46% or US$2.15, as prices increased this week relative to the prior week. Oil traded on February 14, 2019 at a price of US$64.34 per barrel relative to US$55 on February 14th, 2019. Brent oil began the year at US$54.91 per barrel.

Petrojam prices

87 Octane prices increased this week by 2.39% (JMD$2.86). Additionally, 90 Octane increased by 2.34% or (JMD$2.86) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$122.42 and J$125.26 per litre respectively.


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


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U.S. average average regular gasoline price increases, diesel price remains unchanged

On February 14, 2019, it was noted that, “The U.S. average regular gasoline retail price rose more than 2 cents from the previous week to $2.28 per gallon on February 11, down 33 cents from the same time last year. Midwest prices rose 7 cents to $2.15 per gallon, Gulf Coast prices increased nearly 3 cents to $1.96 per gallon, and West Coast prices rose nearly 1 cent to $2.92 per gallon. East Coast and Rocky Mountain prices each fell nearly 1 cent to $2.24 per gallon and $2.17 per gallon, respectively.”

“The U.S. average diesel fuel price remained at $2.97 per gallon on February 11, nearly 10 cents lower than a year ago. Midwest prices rose 1 cent to $2.85 per gallon. Rocky Mountain prices fell more than 1 cent to $2.87 per gallon, East Coast prices decreased nearly 1 cent to $3.03 per gallon, and Gulf Coast prices fell less than 1 cent, remaining virtually unchanged at $2.78 per gallon. West Coast prices were unchanged at $3.44 per gallon.”

Inventories for Propane/propylene rise

There was a increase in U.S. propane/propylene stocks last week by 0.7 million barrels to 58.2 million barrels as of February 14, 2019 This was 4.9 million barrels (9.2%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest and Gulf Coast inventories increased by 2.7 million barrels and 0.8 million barrels, respectively. Rocky Mountain/West Coast inventories decreased slightly, remaining virtually unchanged. Propylene non-fuel-use inventories represented 10.5% of total propane/propylene inventories.

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