Gas Price Movement- January 24, 2019

Brent Oil

Brent oil prices decreased by 0.08% or US$0.05, as prices fell this week relative to the prior week. Oil traded on January 24, 2019 at a price of US$61.13 per barrel relative to US$61.18 on January 17, 2019. Brent oil began the year at US$53.80 per barrel.

Petrojam prices

87 Octane prices increased week over week, by 0.90% (JMD$1.06). Additionally, 90 Octane increased by 0.88% or (JMD$1.06) week over week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$118.57 and J$121.41 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 price increases, diesel price decreases

On January 21, 2019, “The U.S. average regular gasoline retail price rose below one cent from the previous week to remain at $2.25 per gallon, down thirty-two cents per gallon from the corresponding period of last year. Rocky Mountain prices fell over to three cents to $2.27 per gallon, West Coast prices fell over two cents to $2.96 per gallon, and Midwest prices went down almost one cent to $2.04 per gallon. East Coast prices climbed almost three cents to $2.24 per gallon and Gulf Coast prices increase less than one cent, remaining unchanged at $1.91.”

“The U.S. average diesel fuel price dipped over one cent from last week to $2.97 per gallon on January 21, 2019, six cents lower than last year. Rocky Mountain prices declined more than four cents to $2.94 per gallon, Midwest prices fell almost two cents to $2.81 per gallon, and East Coast prices decreased nearly one cent to $3.04 per gallon while West Coast prices went down one cent to $3.46 per gallon. Gulf Coast rose less than a cent, remaining at $2.79 per gallon.”

Inventories for Propane/propylene decline

There was a decline in U.S. propane/propylene stocks last week by 3.7 million barrels to 63.8 million barrels as of January 18, 2019 This was 0.1 million barrels (0.1%) higher than the five-year (2014-2018) average inventory level year over year. Gulf Coast, Midwest and Rocky Mountain/West Coast inventories fell by 2.1 million barrels, 1.2 million barrels and 0.6 million barrels, respectively. While, East Coast inventories went up by 0.1 million barrels. Propylene non-fuel-use inventories reflected an 8.9% of total propane/propylene inventories.

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