Gas Price Movement-March 19, 2020

March 19, 2020

Brent oil prices

Brent oil prices decreased by 14.69% or US$4.88, as prices fell this week relative to the prior week. Oil traded on March 19, 2020 at a price of US$28.34 per barrel relative to US$33.22 on March 12, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices
87 Octane prices decreased this week by 0.04% (JMD$0.05). Additionally, 90 Octane decreased by 0.04% or (JMD$0.05) 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$124.68 and J$127.52 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 16, 2020, it was noted that “the U.S. average regular gasoline retail price decreased almost 13 cents from the previous week to $2.25 per gallon, 30 cent lower than the prior year.” The Midwest price decreased almost 20 cents to $2.04 per gallon, the East Coast price fell close to 11 cents to $2.19 per gallon, the Gulf Coast price declined over 9 cents to $1.97 per gallon, the Rocky Mountain price declined more than 6 cents to $2.32 per gallon, while the West Coast price experienced a decrease of almost 9 cents to $3.02 per gallon.

The average diesel fuel price in the U.S. decreased over 8 cents to $2.73 per gallon relative to the previous week, and 34 cents lower when compared to the same period last year. The Midwest price declined by almost 10 cents to $2.59 per gallon, the West Coast price decreased close to 8 cents to $3.32 per gallon, the East Coast and Gulf Coast prices each fell over 7 cents to $2.79 per gallon and $2.50 per gallon, respectively, whereas, the Rocky Mountain price decreased more than 6 cents to $2.74 per gallon.

Inventories for Propane/propylene decrease

There was a decrease in U.S. propane/propylene stocks last week by 0.3 million barrels to 66.7 million barrels as of March 13, 2020. This was 16.9 million barrels (34.0%) higher than the five-year (2015-2019) average inventory levels year over year.

Additionally, East Coast and Midwest inventories declined by 0.4 million and 0.1 million barrels, respectively. However, the Gulf Coast and Rocky Mountain/West Coast inventories rose by 0.2 million and 0.1 million barrels, respectively. Propylene non-fuel-use inventories represented 8.0% of total propane/propylene inventories.

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