Gas Price Movement- May 7, 2020

May 7, 2020

Brent Oil

Brent oil prices increased by 21.49% or US$5.43, as prices rose this week relative to the prior week. Oil traded on May 07, 2020 at a price of US$30.70 per barrel relative to US$25.27 on April 30, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

87 Octane prices and 90 Octane both remained unchanged 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$116.92 and J$119.76 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 04, 2020, it was noted that “the U.S. average regular gasoline retail price increased almost 2 cents from the previous week to $1.79 per gallon, almost $1.11 lower than the prior year.” The Midwest price increased nearly 10 cents to $1.57 per gallon. The Rocky Mountain price declined almost 4 cents to $1.77 per gallon, the East Coast price decreased close to 2 cents to $1.79 per gallon, the Gulf Coast price decreased 2 cents to $1.49 per gallon, and the West Coast price fell over 1 cent to $2.44 per gallon.

The average diesel fuel price in the U.S. decreased more than 4 cents to $2.40 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 6 cents to $2.37 per gallon, the West Coast, East Coast, Midwest, and Gulf Coast prices each declined close to 4 cents to $2.90 per gallon, $2.51 per gallon, $2.25 per gallon, and $2.17 per gallon, respectively.

Inventories for Propane/propylene increase

There was an increase in U.S. propane/propylene stocks last week by 2.5 million barrels to 59.4 million barrels as of May 01, 2020. This was 7.5 million barrels (14.5%) higher than the five-year (2015-2019) average inventory levels year over year.

Additionally, Gulf Coast inventories rose by 1.2 million barrels, Midwest inventories increased by 0.9 million barrels, and East Coast and Rocky Mountain/West Coast inventories each increased by 0.2 million barrels.

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