Gas Price Movement-May 14, 2020

May 14, 2020

Brent Oil
Brent oil prices increased by 3.29% or US$0.97, as prices rose this week relative to the prior week. Oil traded on May 14, 2020 at a price of US$30.43 per barrel relative to US$29.46 on May 07, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices
87 Octane prices increased this week by 0.21% (JMD$0.25). Additionally, 90 Octane increased by 0.21% or (JMD$0.25) 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$117.17 and J$120.01 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 May 11, 2020, it was noted that “the U.S. average regular gasoline retail price increased over 6 cents from the previous week to $1.85 per gallon, almost $1.02 lower than the prior year.” The Midwest price increased nearly 18 cents to $1.75 per gallon. The East Coast price climbed more than 2 cents to $1.82 per gallon, and the West Coast and Gulf Coast prices each increased over 1 cent to $2.45 per gallon and $1.50 per gallon, respectively. The Rocky Mountain price declined almost 1 cent to $1.76 per gallon.

The average diesel fuel price in the U.S. decreased close to 1 cent to $2.39 per gallon relative to the previous week, and 77 cents lower when compared to the same period last year. The Rocky Mountain price decreased over 2 cents to $2.35 per gallon. The East Coast price declined more than 1 cent to $2.50 per gallon, and the Midwest price fell close to 1 cent to $2.24 per gallon. The Gulf Coast price rose almost 1 cent to $2.18 per gallon, and the West Coast price increased less than 1 cent to $2.90 per gallon.

Inventories for Propane/propylene increase

There was an increase in U.S. propane/propylene stocks last week by 2.2 million barrels to 61.6 million barrels as of May 08, 2020. This was 8.2 million barrels (15.3%) higher than the five-year (2015-2019) average inventory levels year over year.

Additionally, Midwest inventories rose by 1.0 million barrels, East Coast inventories inched up by 0.8 million barrels, and Gulf Coast and Rocky Mountain/West Coast inventories each increased by 0.2 million barrels.

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