Gas Price Movement-January 23, 2020

January 23, 2020

Brent Oil

Brent oil prices decreased by 4.12% or US$2.66, as prices fell this week relative to the prior week. Oil traded on January 23, 2020 at a price of US$61.95 per barrel relative to US$64.61 on January 16, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

87 Octane prices decreased this week by 1.25% (JMD$1.52). Additionally, 90 Octane decreased by 1.23% or (JMD$1.52) 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$122.73 and J$125.57 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 January 20, 2020, it was noted that, “the U.S. average regular gasoline retail price declined over 3 cents from the previous week to $2.54 per gallon, 29 cents higher than the prior year. The Midwest price decreased by more than 5 cents to $2.39 per gallon. Moreover, the Gulf Coast price decreased almost 5 cents to $2.23 per gallon, the Rocky Mountain price also experienced a decline by over 3 cents to $2.57 per gallon, the East Coast price fell more than 2 cents to $2.50 per gallon, while the West Coast price inched down almost 2 cents to $3.18 per gallon.

The average diesel fuel price in the U.S. decreased 3 cents to $3.04 per gallon relative to the previous week, and 7 cents greater when compared to the same period last year. “The Rocky Mountain price experienced a decrease of almost 6 cents to $3.01 per gallon. Likewise, the East Coast price fell about 4 cents to $3.08 per gallon, the Gulf Coast price declined over 1 cent to $2.80 per gallon, the Midwest price dropped close to 3 cents to $2.94 per gallon, and the West Coast price decreased almost 2 cents to $3.57 per gallon.”

Inventories for Propane/propylene decrease

There was a decrease in U.S. propane/propylene stocks last week by 1.4 million barrels to 86.5 million barrels as of January 17, 2020. This was 17.1 million barrels (24.6%) higher than the five-year (2015-2019) average inventory levels year over year. Additionally, Midwest, East Coast, Gulf Coast, and Rocky Mountain/West Coast inventories all experienced decreases by 0.7 million barrels, 0.4 million barrels, 0.2 million barrels, and 0.1 million barrels, respectively. Propylene non-fuel-use inventories represented 6.9% of total propane/propylene inventories.

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2020-01-23T16:27:24-05:00