Gas Price Movement- March 28, 2019

Brent Oil

Brent oil prices decreased by 1% or US$0.67, as prices increased this week relative to the prior week. Oil traded on March 28, 2019 at a price of US$67.19 per barrel relative to US$67.86 on March 21st, 2019. Brent oil began the year at US$54.91 per barrel.

Petrojam prices

87 Octane prices increased this week by 1.96% (JMD$2.52). Additionally, 90 Octane increased by 1.71% or (JMD$2.25) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$131.02 and J$133.59 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 more than 8 cents from the previous week to $2.62 per gallon on March 28th, down 3 cents from the same time last year. West Coast prices increased nearly 12 cents to $3.14 per gallon, Midwest prices rose nearly 9 cents to $2.56 per gallon, East Coast prices increased more than 3 cents to $2.27 per gallon, Rocky Mountain and Gulf Coast prices rose nearly 8 cents to $2.40 per gallon and $2.38 per gallon respectively. East Coast prices increased nearly 5 cents to $2.57 per gallon.”

“The U.S. average diesel fuel price rose 1 cent to $3.08 per gallon on March 25, 7 cents higher than a year ago. The Rocky Mountain and West Coast prices each rose 3 cents to $2.97 per gallon and $3.53 per gallon, respectively, the East Coast and Gulf Coast prices each rose nearly 1 cent to $3.13 per gallon and $2.88 per gallon, respectively, and the Midwest price rose slightly, remaining at $2.99 per gallon.”


Inventories for Propane/propylene increase

There was an increase in U.S. propane/propylene stocks last week by 0.5 million barrels to 51.6 million barrels as of March 22, 2019 . This was 7.4 million barrels (16.7%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Gulf Coast, Midwest, and Rocky Mountain/West Coast inventories increased by 0.8 million barrels, 0.3 million barrels, and 0.1 million barrels, respectively, while East Coast inventories decreased by 0.6 million barrels. Propylene non-fuel-use inventories represented 11.8% of total propane/propylene inventories.

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