Gas Price Movement-January 16, 2020

January 16, 2020

Brent Oil

Brent oil prices decreased by 1.16% or US$0.76, as prices fell this week relative to the prior week. Oil traded on January 16, 2020 at a price of US$64.61 per barrel relative to US$65.37 on January 09, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

87 Octane prices decreased this week by 2.42% (JMD$3.00). Additionally, 90 Octane decreased by 2.36% or (JMD$3.00) 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$121.21 and J$124.05 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 decrease

Average regular gasoline retail price fell close to 1 cent this week compared to the previous week to $2.57 per gallon. This was notably 32 cents higher than the similar period last year. Prices in the West Coast dipped nearly 1 cent to $3.20 per gallon, and the Gulf Coast price fell less than 1 cent, remaining at $2.28 per gallon.

The average diesel fuel price in the U.S. decreased 2 cents to $3.06 per gallon relative to the previous week, and 9 cents greater when compared to the same period last year. According to U.S. Energy Information Administration (EIA), “The Rocky Mountain price experienced a decrease of almost 4 cents to $3.07 per gallon. Likewise, the West Coast price fell greater than 2 cents to $3.59 per gallon, the Gulf Coast price declined almost 2 cents to $2.81 per gallon, the Midwest price dropped more than 1 cent to $2.97 per gallon, and the East Coast price decreased close to 1 cent to $3.11 per gallon.”

Inventories for Propane/propylene decrease

There was a decrease in U.S. propane/propylene stocks last week by 0.9 million barrels to 87.9 million barrels as of January 10, 2020. This was 15 million barrels (20.6%) higher than the five-year (2015-2019) average inventory levels year over year. Additionally, Gulf Coast, East Coast and Midwest inventories experienced a decrease of 0.4 million barrels, 0.3 million barrels and 0.2 million barrels, respectively. Rocky Mountain/West Coast inventories were relatively unchanged. Propylene non-fuel-use inventories represented 7.0% of total propane/propylene inventories.

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