Gas Price Movement-March 12, 2020

March 12, 2020

Brent Oil

Brent oil prices decreased by 34.27% or US$17.13, as prices fell this week relative to the prior week. Oil traded on March 12, 2020 at a price of US$32.86 per barrel relative to US$49.99 on March 05, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

87 Octane prices decreased this week by 2.38% (JMD$3.04). Additionally, 90 Octane decreased by 2.33% or (JMD$3.04) 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$124.73 and J$127.57 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 March 9, 2020, it was noted that “the U.S. average regular gasoline retail price decreased over 4 cents from the previous week to $2.38 per gallon, 10 cent lower than the prior year.” The Midwest price decreased almost 7 cents to $2.23 per gallon, the East Coast price fell close to 5 cents to $2.30 per gallon, the Gulf Coast price declined over 5 cents to $2.06 per gallon, the Rocky Mountain price declined nearly 4 cents to $2.38 per gallon, while the West Coast price experienced a decrease of over 2 cent to $3.11 per gallon.

The average diesel fuel price in the U.S. decreased close to 4 cents to $2.81 per gallon relative to the previous week, and 27 cents lower when compared to the same period last year. The Gulf Coast price declined 5 cents to $2.58 per gallon, both the East Coast price and the Midwest price fell by almost 4 cents to $2.86 per gallon and $2.69 per gallon, respectively, and the West Coast and Rocky Mountain prices fell over 2 cents to $3.40 per gallon and $2.80 per gallon, respectively.

Inventories for Propane/propylene decrease

There was a decrease in U.S. propane/propylene stocks last week by 2.9 million barrels to 67.0 million barrels as of March 6, 2020. This was 17.1 million barrels (34.3%) higher than the five-year (2015-2019) average inventory levels year over year.

Additionally, Gulf Coast and Midwest inventories each declined by 1.2 million barrels, and East Coast inventories fell by 0.6 million barrels. Rocky Mountain/West Coast inventories rose by 0.1 million barrels. Propylene non-fuel-use inventories represented 8.2% of total propane/propylene inventories.

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