Gas Price Movement-January 09, 2020

January 09, 2020

Brent Oil

Brent oil prices decreased by 1.48% or US$0.98, as prices fell this week relative to the prior week. Oil traded on January 09, 2020 at a price of US$65.27 per barrel relative to US$66.25 on January 02, 2020. Brent oil opened 2020 year at US$66.41 per barrel.

Petrojam prices

87 Octane prices decreased this week by 2.40% (JMD$3.06). Additionally, 90 Octane decreased by 2.35% 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$124.21 and J$127.05 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 January 6, 2020, it was noted that, “the U.S. average regular gasoline retail price rose almost 1 cent from the previous week to $2.58 per gallon, 34 cents higher than the prior year. The East Coast price increased by almost 4 cents to $2.54 per gallon. However, the Rocky Mountain price decreased greater than 2 cents to $2.64 per gallon, the Midwest price declined almost 2 cents to $2.43 per gallon, the West Coast price decreased more than 1 cent to $3.21 per gallon, and the Gulf Coast price declined close to 1 cent, remaining relatively unchanged at $2.28 per gallon.”

The average diesel fuel price in the U.S. went up 1 cent to $3.08 per gallon relative to the previous week, and 7 cents greater when compared to the same period last year. “The East Coast price experienced an increase of over 2 cents to $3.12 per gallon, and the Gulf Coast price climbed 2 cents to $2.83 per gallon. Moreover, the Rocky Mountain price went down over 1 cent to $3.10 per gallon, the West Coast price declined almost 1 cent to $3.62 per gallon, and the Midwest price fell under 1 cent, remaining relatively constant at $2.98 per gallon.”

Inventories for Propane/propylene increase

There was an increase in U.S. propane/propylene stocks last week by 0.7 million barrels to 88.9 million barrels as of January 3, 2020. This was 12.5 million barrels (16.3%) higher than the five-year (2015-2019) average inventory levels year over year. Additionally, Gulf Coast and East Coast inventories experienced an increase of 1.2 million barrels and 0.4 million barrels, respectively. Midwest and Rocky Mountain/West Coast inventories fell by 0.6 million barrels and 0.3 million barrels, respectively. Propylene non-fuel-use inventories represented 6.9% of total propane/propylene inventories.

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