Gas Price Movement- March 14, 2019

Brent Oil

Brent oil prices increased by 1.28% or US$0.85, as prices increased this week relative to the prior week. Oil traded on March 14, 2019 at a price of US$67.15 per barrel relative to US$66.30 on March 7th, 2019. Brent oil began the year at US$54.91 per barrel.

Petrojam prices

87 Octane prices decreased this week by 1.15% (JMD$1.46). Additionally, 90 Octane decreased by 1.12% or (JMD$1.46) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$128.53 and $131.37 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 increase

On February 21, 2019, it was noted that, “the U.S. average regular gasoline retail price rose nearly 5 cents from the previous week to $2.47 per gallon on March 11, down nearly 9 cents from the same time last year. The Midwest price increased over 7 cents to $2.40 per gallon, the East Coast price increased nearly 5 cents to $2.43 per gallon, the Rocky Mountain price increased over 4 cents to $2.25 per gallon, the Gulf Coast price increased nearly 4 cents to $2.22 per gallon, and the West Coast price increased over 3 cents to $2.98 per gallon.”

“The U.S. average diesel fuel price rose less than 1 cent from the previous week, remaining at $3.08 per gallon on March 11, over 10 cents higher than a year ago. The Gulf Coast price increased by over 1 cent to $2.88 per gallon, the East Coast price increased less than 1 cent, remaining at $3.12 per gallon, and the West Coast price increased less than 1 cent to $3.51 per gallon. The Midwest price fell less than 1 cent, remaining at $3.01 per gallon. The Rocky Mountain price remained unchanged at $2.94 per gallon.”


Inventories for Propane/propylene decline

There was a decrease in U.S. propane/propylene stocks last week by 1.2 million barrels to 50.2 million barrels as of March 8, 2019 this was 50.2 million barrels (11.3%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest, East Coast, and Rocky Mountain/West Coast inventories decreased by 1.3 million barrels, 0.8 million barrels, and 0.3 million barrels respectively. Gulf Coast inventories increased by 1.2 million barrels. Propylene non-fuel-use inventories represented 12.7% of total propane/propylene inventories.

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