Gas Price Movement- June 4, 2020

June 4, 2020

Brent Oil

Brent oil prices increased by 11.62 % or US$4.10, as prices rose this week relative to the prior week. Oil traded on June 04, 2020 at a price of US$39.39 per barrel relative to US$35.29 on May 28, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

87 Octane prices decreased this week by 2.61% (JMD$3.06). Additionally, 90 Octane decreased by 2.54% or (JMD$3.06) 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$114.61 and J$117.45 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 decrease

On June 1, 2020, it was noted that “the U.S. average regular gasoline retail price increased over 1 cent from the previous week to $1.97 per gallon, 83 cents lower than the prior year.” The Rocky Mountain price increased more than 10 cents to $2.09 per gallon, the West Coast price increased almost 3 cents to $2.58 per gallon, the Gulf Coast price climbed more than 2 cents to $1.62 per gallon, and the East Coast and Midwest prices each increased close to 1 cent, remaining relatively unchanged at $1.91 per gallon, and $1.89 per gallon, respectively.

The average diesel fuel price in the U.S. decreased less than 1 cent remaining relatively unchanged at $2.39 per gallon relative to the previous week, and 75 cents lower when compared to the same period last year. The Rocky Mountain and East Coast prices each decreased close to 1 cent to $2.34 per gallon and $2.49 per gallon, respectively, the Gulf Coast price decreased less than 1 cent to $2.17 per gallon, and the West Coast and Midwest prices also declined less than 1 cent, but remained relatively unchanged at $2.90 per gallon and $2.23 per gallon, respectively.

Inventories for Propane/propylene increase

There was an increase in U.S. propane/propylene stocks last week by 3.1 million barrels to 67.3 million barrels as of May 29, 2020. This was 7.2 million barrels (12.0%) higher than the five-year (2015-2019) average inventory levels year over year.

Additionally, Gulf Coast, Midwest, and Rocky Mountain/West Coast inventories experienced  increases by 1.8 million barrels, 0.9 million barrels, and 0.3 million barrels, respectively. East coast inventories declined slightly, remaining relatively unchanged.

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