Gas Price Movement- January 02, 2020

Date: January 2, 2020

Brent Oil

Brent oil prices decreased by 2.46% or US$1.67, as prices fell this week relative to the prior week. Oil traded on January 02, 2020 at a price of US$66.25 per barrel relative to US$67.92 on December 26, 2019. Brent oil began the 2019 year at US$55.95 per barrel.

Petrojam prices

87 Octane prices increased this week by 0.06% (JMD$0.07). Additionally, 90 Octane increased by 0.50% or (JMD$0.07) this week. 87 Octane and 90 Octane opened the year 2019 at J$116.75 and J$119.59 respectively and now trades at J$127.27 and J$130.11 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 increase

On December 30, 2019, it was noted that, “The U.S. average regular gasoline retail price rose almost 4 cents from the previous week to $2.57 per gallon, 31 cents higher than the prior year. The Gulf Coast price increased by almost 7 cents to $2.28 per gallon, the Midwest price rose almost 5 cents to $2.45 per gallon, and the East Coast price increased nearly 4 cents to $2.50 per gallon. The Rocky Mountain price declined close to 3 cents to $2.66 per gallon, and the West Coast price fell nearly 1 cent to $3.22 per gallon.”

“The U.S. average diesel fuel price went up by almost 3 cents from the previous week to $3.07 per gallon on December 30, 2 cents greater than the same time last year. The Gulf Coast price experience an increase of nearly 5 cents to $2.81 per gallon, the East Coast price climbed more than 4 cents to $3.10 per gallon, the West Coast price rose almost 3 cents to $3.62 per gallon, and the Midwest price increased 1 cent to $2.98 per gallon. The Rocky Mountain price went down over 1 cent to $3.11 per gallon.”

Inventories for Propane/propylene decrease slightly

There was a decrease in U.S. propane/propylene stocks last week by 0.2 million barrels to 88.2 million barrels as of December 27, 2019. This was 8.1 million barrels (10.1%) higher than the five-year (2014-2018) average inventory levels year over year. Additionally, Midwest and Rocky Mountain/West Coast inventories declined by 0.3 million barrels and 0.1 million barrels, respectively. East Coast inventories experienced an increase of 0.2 million barrels and Gulf Coast inventories rose slightly, remaining relatively unchanged. Propylene non-fuel-use inventories represented 6.5% of total propane/propylene inventories.

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