Gas Price Movement-February 20, 2020

February 20, 2020

Brent Oil

Brent oil prices increased by 5.27% or US$2.97, as prices rose this week relative to the prior week. Oil traded on February 20, 2020 at a price of US$59.31 per barrel relative to US$56.34 on February 13, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

87 Octane prices increased this week by 2.45% (JMD$3.06). Additionally, 90 Octane increased by 2.40% or (JMD$3.06) 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$127.74 and J$130.58 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 17, 2020, it was noted that “the U.S. average regular gasoline retail price rose almost 1 cent from the previous week to $2.43 per gallon, 11 cents higher than the prior year. Moreover, The Midwest price increased nearly 5 cents to $2.31 per gallon. The Rocky Mountain price decreased over 3 cents to $2.47 per gallon, the West Coast price inched down 1 cent to $3.14 per gallon, the East Coast price fell almost 1 cent to $2.36 per gallon, whereas, the Gulf Coast price fell under 1 cent to $2.08 per gallon.

The average diesel fuel price in the U.S. decreased by 2 cents to $2.89 per gallon relative to the previous week, and 12 cents lower when compared to the same period last year. The Rocky Mountain price fell close to 4 cents to $2.86 per gallon, the East Coast price declined over 2 cents to $2.94 per gallon, while the Midwest price and Gulf Coast both experienced a decrease of almost 2 cents to $2.76 per gallon and $2.66 per gallon, respectively. Whereas, West Coast price declined over 1 cent to $3.47 per gallon.”

Inventories for Propane/propylene decrease

There was a decrease in U.S. propane/propylene stocks last week by 3.0 million barrels to 74.3 million barrels as of February 14, 2020. This was 18.4 million barrels (32.9%) higher than the five-year (2015-2019) average inventory levels year over year. Additionally, Midwest, Gulf Coast, East Coast, and Rocky Mountain/West Coast inventories experienced decreases by 1.1 million barrels, 1.0 million barrels, 0.6 million barrels, and 0.4 million barrels, respectively. Propylene non-fuel-use inventories represented 7.5% of total propane/propylene inventories.

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