Gas Price Movement- July 11, 2019

Date: July 11, 2019

Brent Oil

Brent oil prices increased by 5.67% or US$3.59, as prices increased this week relative to the prior week. Oil traded on July 11, 2019 at a price of US$66.89 per barrel relative to US$63.30 on July 04, 2019. Brent oil began the year at US$53.80 per barrel.

Petrojam prices

87 Octane prices increased this week by 2.14% (JMD$2.77). Additionally, 90 Octane increased by 2.10% or (JMD$2.77) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$131.98 and J$134.82 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 and diesel prices increase

On July 10, 2019, it was noted that, “The U.S. average regular gasoline retail price rose 3 cents from the previous week to $2.74 per gallon, almost 11 cents lower the same time last year. The Gulf Coast price climbed 5 cents to $2.42 per gallon, and the Midwest and East Coast prices each increased almost 4 cents to $2.67 per gallon and $2.66 per gallon, respectively. The Rocky Mountain price dropped nearly 3 cents to $2.80 per gallon, and the West Coast price fell almost 1 cent to $3.38 per gallon.”

“The U.S. average diesel fuel price went up 1 cent to $3.06 per gallon on July 8, 19 cents lower than the same time last year. The Midwest piece increased more than 4 cents to $2.97 per gallon, and the East Coast and the Gulf Coast prices each rose lower than 1 cent, remaining at $3.08 per gallon and $2.98 per gallon, respectively. The Rocky Mountain price dropped almost 2 cents to $2.98 per gallon, and the West Coast price declined less than 1 cent to $3.62 per gallon.”

Inventories for Propane/propylene decline

There was a decrease in U.S. propane/propylene stocks last week by 0.2 million barrels to 76.9 million barrels as of July 05, 2019. This was 5.7 million barrels (7.9%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest and Gulf Coast inventories declined by 0.4 million barrels and 0.2 million barrels, respectively. While, Rocky Mountain/West Coast inventories declined slightly, remaining unchanged. Whereas, East Coast inventories climbed by 0.4 million barrels. Propylene non-fuel-use inventories represented 6.0% of total propane/propylene inventories.

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