Gas Price Movement -June 18, 2020

June 18, 2020

Brent Oil

Brent oil prices increased by 7.44% or US$2.87, as prices rose this week relative to the prior week. Oil traded on June 18, 2020 at a price of US$41.42 per barrel relative to US$38.55 on June 11, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

87 Octane prices decreased this week by 2.55% (JMD$3.00). Additionally, 90 Octane decreased by 2.61% or (JMD$3.00) 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$111.86 and J$114.70 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 15, 2020, it was noted that “the U.S. average regular gasoline retail price increased over 6 cents from the previous week to $2.10 per gallon, 57 cents lower than the prior year.” The Gulf Coast price rose almost 10 cents to $1.78 per gallon, the East Coast price increased over 7 cents to $2.02 per gallon, the Rocky Mountain price climbed almost 6 cents to $2.23 per gallon, the West Coast price rose close to 5 cents to $2.68 per gallon, and the Midwest price increased nearly 4 cents to $2.03 per gallon.

The average diesel fuel price in the U.S. increased close to 1 cent to $2.40 per gallon relative to the previous week, and 67 cents lower when compared to the same period last year. The Midwest price rose almost 2 cents to $2.26 per gallon, the West Coast price increased more than 1 cent to $2.93 per gallon, the Gulf Coast price rose under 1 cent to remain at $2.17 per gallon, and the East Coast price was unchanged from the previous week at $2.50 per gallon. However, the Rocky Mountain price declined almost 1 cent, remaining at $2.35 per gallon.

Inventories for Propane/propylene increase

There was a increase in U.S. propane/propylene stocks last week by 2.7 million barrels to 69.0 million barrels as of June 12, 2020. This was 4.1 million barrels (6.3%) higher than the five-year (2015-2019) average inventory levels year over year.

Additionally, East Coast, Gulf Coast, Midwest, and Rocky Mountain/West Coast inventories all experienced increases by 1.3 million barrels, 0.7 million barrels, 0.4 million barrels, and 0.3 million barrels, respectively.

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