Gas Price Movement- February 21, 2019

Brent Oil

Brent oil prices increased by 4.23% or US$2.72, as prices increased this week relative to the prior week. Oil traded on February 21, 2019 at a price of US$67.06 per barrel relative to US$64.34 on February 21, 2019. Brent oil began the year at US$54.91 per barrel.

Petrojam prices

87 Octane prices increased this week by 2.51% (JMD$3.07). Additionally, 90 Octane increased by 2.45% or (JMD$3.07) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$125.49 and J$128.33 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 regular gasoline and diesel prices increase

On February 21, 2019, it was noted that, “The U.S. average regular gasoline retail price rose more than 4 cents from the previous week to $2.32 per gallon on February 18, down 24 cents from the same time last year. Gulf Coast prices increased nearly 9 cents to $2.05 per gallon, Midwest prices rose nearly 6 cents to $2.21 per gallon, East Coast prices increased more than 3 cents to $2.27 per gallon, Rocky Mountain prices rose nearly 2 cents to $2.18 per gallon, and West Coast prices increased less than a cent, remaining virtually unchanged at $2.92 per gallon.”

“The U.S. average diesel fuel price increased 4 cents to $3.01 per gallon on February 18, 2 cents lower than a year ago. Midwest prices rose nearly 6 cents to $2.90 per gallon, East Coast prices increased more than 4 cents to $3.07 per gallon, Gulf Coast prices increased more than 3 cents to $2.81 per gallon, West Coast prices rose more than 2 cents to $3.46 per gallon, and Rocky Mountain prices rose nearly 2 cents to $2.89 per gallon.”

Inventories for Propane/propylene decline

There was a decrease in U.S. propane/propylene stocks last week by 3.6 million barrels to 54.6 million barrels as of February 15, 2019 this was 44.3 million barrels (8.5%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest, Gulf Coast inventories and Rocky Mountain/West Coast decreased by 1.8 million barrels, 1.7 million barrels, and 0.1 barrels respectively. East coast inventories decreased slightly, remaining virtually unchanged. Propylene non-fuel-use inventories represented 11.8% of total propane/propylene inventories.

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2019-02-21T20:09:59+00:00