Gas Price Movement – July 16, 2020

Brent Oil

Brent oil prices increased by 2.24% or US$0.95, as prices rose this week relative to the prior week. Oil traded on July 16, 2020 at a price of US$43.30 per barrel relative to US$42.35 on July 9, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

87 Octane prices increased this week by 0.58% (JMD$0.66). Additionally, 90 Octane increased by 0.57% or (JMD$0.66) 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$114.12 and J$116.96 per litre respectively.

Figure 1: Petrojam, U.S.  Gulf Coast Conventional Gasoline Regular, and Brent Crude Oil Price History

This Week in Petroleum

U.S. average regular gasoline and diesel prices increase

On July 13, 2020, it was noted that, “the U.S. average regular gasoline retail price rose nearly 2 cents per gallon from the previous week to $2.20 per gallon on July 13, 58 cents lower than the same time last year.” The Gulf Coast price increased more than 1 cent to $1.87 per gallon, the East Coast price increased more than 1 cent to $2.11 per gallon, the Rocky Mountain price climbed less than 1 cent and appeared unchanged at $2.33 per gallon. However, the West Coast price increased greater than 3 cents to $2.80 per gallon, and the Midwest price increased greater than 2 cents to $2.13 per gallon.

The average diesel fuel price in the U.S. increased less than a cent, remaining at $2.44 per gallon, same as the previous week, and 61 cents lower when compared to the same period last year. The Midwest price climbed close to1 cent but remained at $2.31 per gallon, the West Coast price decreased almost 1 cent to $2.95 per gallon, while the Gulf Coast price decreased close to 1 cent to close at $2.20 per gallon as at last week and the East Coast price increased nearly by 1 cent, to close at $2.53 per gallon as at last week. Similarly, the Rocky Mountain price remained unchanged at $2.35 per gallon.

Inventories for Propane/propylene increase

There was an increase in U.S. propane/propylene stocks last week by 3.5 million barrels to 80.3 million barrels as of July 10, 2020. This was 7.3 million barrels (10.0%) higher than the five-year (2015-2019) average inventory levels year over year.

Additionally, East Coast, Gulf Coast and Midwest inventories experienced increases by 0.6 million barrels, 2.2 million and barrels, 0.8 million barrels, respectively. However, Rocky Mountain/West Coast inventories decreased 0.1 million barrels.

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