Gas Price Movement -June 11, 2020

June 11, 2020

Brent Oil

Brent oil prices decreased by 2.98 % or US$1.19, as prices fell this week relative to the prior week. Oil traded on June 11, 2020 at a price of US$38.80 per barrel relative to US$39.99 on June 4, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

87 Octane prices increased this week by 0.22% (JMD$0.25). Additionally, 90 Octane increased by 0.21% or (JMD$0.25) 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$114.86 and J$117.70 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 increase

On June 8, 2020, it was noted that “the U.S. average regular gasoline retail price increased over 6 cents from the previous week to $2.04 per gallon, 70 cents lower than the prior year.” The Midwest price increased more than 9 cents to $1.99 per gallon, the Rocky Mountain price rose over 8 cents to $2.18 per gallon, the Gulf Coast price climbed by more than 6 cents to $1.68 per gallon, the West Coast price increased over 5 cents to $2.63 per gallon, and the East Coast price inched up by almost 4 cents to $1.95 per gallon.

The average diesel fuel price in the U.S. increased 1 cent to $2.40 per gallon relative to the previous week, and 71 cents lower when compared to the same period last year. The West Coast price increased almost 2 cents $2.92 per gallon, the Rocky Mountain and Midwest prices each experienced increases by more than 1 cent to $2.35 per gallon and $2.24 per gallon, respectively, the East Coast price climbed almost 1 cent to $2.50 per gallon, and the Gulf Coast price rose by under 1 cent, remaining relatively unchanged at $2.17 per gallon.

Inventories for Propane/propylene decrease

There was a decrease in U.S. propane/propylene stocks last week by 1.0 million barrels to 66.3 million barrels as of June 5, 2020. This was 3.8 million barrels (6.0%) higher than the five-year (2015-2019) average inventory levels year over year.

Additionally, Gulf Coast and East Coast inventories fell by 1.3 million barrels and 0.1 million barrels, respectively. Midwest inventories rose by 0.3 million barrels, and Rocky Mountain/West Coast inventories rose slightly, remaining relatively unchanged.

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