Gas Price Movement – July 5, 2018

Brent Oil

Brent oil prices increased by 0.84% or US$0.65, as prices rose this week. Oil traded on July 5, 2018 at a price of $78.06 per barrel relative to US$77.41 last week. Brent oil began the year at US$68.07 per barrel.

Petrojam prices

87 Octane prices increased week over week, by 1.09% (JMD$1.45). Additionally 90 Octane also decreased by 1.06% or (JMD$1.45) week over week. 87 Octane and 90 Octane opened the year at J$121.04 and J$123.88 respectively and now trades at J$135.03 and J$137.87 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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A reduction in U.S. Average regular gasoline and diesel prices

“On June 25, 2018, U.S. average regular gasoline retail price fell to 2.83 per gallon, almost 5 cents, rose 55 cents from the similar time interval last year. Midwest prices fell over seven cents to $2.72 per gallon to $2.76 per gallon whilst East Coast and Gulf Coast prices each fell to $2.62 per gallon, each moving down four cents each. West Coast prices declined at about three cents $3.41 per gallon, and Rocky Mountain prices decreased nearly two cents to $2.96 per gallon.”

“The U.S. average diesel fuel price decreased from last week to $3.22 per gallon on June 25, 2018 by approximately 3 cents. Gulf Coast prices inched down by nearly four cents to $2.98 per gallon, Midwest prices fell three cents to $3.14 per gallon, East Coast prices declined nearly three cents to $3.22 per gallon. In addition, West Coast and Rocky Mountain prices each dropped nearly two cents to $3.74 per gallon and $3.32 per gallon, respectively.”

Inventories for Propane/propylene increasing

There was an increase in U.S. propane/propylene stocks last week by 4.3 million barrels to 58.4 million barrels as of June 22, 2018. This was 7.3 million barrels (11.2%) lower than the five-year average inventory level year over year. Gulf Coast, Midwest, East Coast, and Rocky Mountain/West Coast inventories advanced by 2.7 million barrels, 0.7 million barrels, 0.5 million barrels, and 0.3 million barrels, respectively. Propylene non-fuel-use inventories represented 4.4% of total propane/propylene inventories.

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