Gas Price Movement-May 28, 2020

May 28, 2020

Brent Oil
Brent oil prices decreased by 0.55% or US$0.20, as prices fell this week relative to the prior week. Oil traded on May 28, 2020 at a price of US$35.86 per barrel relative to US$36.06 on May 21, 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$117.67 and J$120.51 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 increase

On May 25, 2020, it was noted that “the U.S. average regular gasoline retail price increased over 8 cents from the previous week to $1.96 per gallon, $0.86 lower than the prior year.” The Rocky Mountain price increased more than 17 cents to $1.99 per gallon, the Midwest price climbed more than 10 cents to $1.89 per gallon, the West Coast and East prices each increased more than 7 cents to $2.55 per gallon and $1.91 per gallon, respectively, and the Gulf Coast price rose almost 6 cents to $1.60 per gallon.

The average diesel fuel price in the U.S. increased less than 1 cent remaining relatively unchanged at $2.39 per gallon relative to the previous week, and 76 cents lower when compared to the same period last year. The West Coast price increased close to 2 cents to $2.90 per gallon, the Rocky Mountain price climbed 1 cent to $2.35 per gallon, the East Coast price rose almost 1 cent to $2.50 per gallon, and the Midwest price increased slightly, remaining relatively unchanged at $2.23 per gallon. The Gulf Coast price stood unchanged at $2.18 per gallon

Inventories for Propane/propylene increase

There was an increase in U.S. propane/propylene stocks last week by 1.5 million barrels to 64.2 million barrels as of May 22, 2020. This was 7.4 million barrels (13.0%) higher than the five-year (2015-2019) average inventory levels year over year.

Additionally, Midwest, Rocky Mountain/West Coast, East Coast, and Gulf Coast inventories each experienced increases 1.0
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