Gas Price Movement- June 27, 2019

Date: June 27, 2019

Brent Oil

Brent oil prices increased by 1.63% or US$1.05, as prices increased this week relative to the prior week. Oil traded on June 27, 2019 at a price of US$65.50 per barrel relative to US$64.45 on June 20, 2019. Brent oil began the year at US$54.91 per barrel.

Petrojam prices

87 Octane prices increased this week by 2.43% (JMD$2.99). Additionally, 90 Octane increased by 2.37% or (JMD$2.99) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$126.15 and J$132.08 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 decline

On June 24, 2019, it was noted that, “The U.S. average regular gasoline retail price dropped 2 cents from the previous week to $2.65 per gallon, almost 18 cents lower the same time last year. The West Cost price fell more than 6 cents to $3.39 per gallon, the Rocky Mountain price declined over 4 cents to $2.87 per gallon while the Gulf Coast price dropped almost 4 cents to $2.30 per gallon and the East Coast price fell nearly 2 cents to $2.54 per gallon. In addition, the Midwest price increased more than 2 cents to $2.56 per gallon.”

“The U.S. average diesel fuel price went down 3 cents to $3.04 per gallon on June 24, 17 cents lower than the same time last year. The Rocky Mountain price decreased over 4 cents to $3.03 per gallon, the West Coast price fell almost 4 cents to $3.63 per gallon, the Midwest price declined over 3 cents to $2.93 per gallon and the Gulf Coast and East Coast prices both dropped 2 cents to $2.80 per gallon and $3.08 per gallon, respectively.”

Inventories for Propane/propylene increase

There was an increase in U.S. propane/propylene stocks last week by 1.4 million barrels to 75.9 million barrels as of June 21, 2019. This was 9.5 million barrels (14.3%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest and Gulf Coast inventories increased by 1.5 million barrels and 0.6 million barrels, respectively. Whereas, Rocky Mountain/West Coast inventories rose slightly, remaining unchanged. However, East Coast inventories declined by 0.7 million barrels. Propylene non-fuel-use inventories represented 6.5% of total propane/propylene inventories.

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