Gas Price Movement – November 01, 2018

Brent Oil

Brent oil prices decreased by 2.66% or US$2.04, as prices declined this week. Oil traded on November 01, 2018 at a price of US$74.66 per barrel relative to US$76.70 last week. Brent oil began the year at US$68.07 per barrel.

Petrojam prices

87 Octane prices decreased week over week, by 0.94% (JMD$1.29). Additionally, 90 Octane decreased by 0.92% or (JMD$1.29) week over week. 87 Octane and 90 Octane opened the year at J$121.04 and J$123.88 respectively and now trades at J$135.95 and J$138.79 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 decrease

On October 29, 2018, “The U.S. average regular gasoline retail price declined three cents from the previous week to $2.81 per gallon, up 32 cents from the corresponding period of last year. Gulf Coast prices decreased almost six cents to $2.52 per gallon, East Coast prices fell over four cents to $2.73 per gallon, West Coast prices declined almost two cents to $3.48 per gallon. Midwest prices went down almost one cent to $2.68 per gallon and Rocky Mountain prices decreased less than a cent, remaining unchanged at $2.96 per gallon.”

“The U.S. average diesel fuel price dipped nearly three cents to $3.36 per gallon on October 29, 2018, 54 cents higher than last year. Gulf Coast prices decreased four cents to close at $3.12 per gallon, while West Coast, East Coast and Midwest prices each declined over two cents to $3.85 per gallon, $3.35 per gallon and $3.31 per gallon, respectively. Rocky Mountain prices fell less than a cent, remaining unchanged at $3.41 per gallon.”

Inventories for Propane/propylene rise

There was a rise in U.S. propane/propylene stocks last week by 1.0 million barrels to 83.0 million barrels as of October 26, 2018. This was 2.1 million barrels (2.5%) lower than the five-year average inventory level year over year. Gulf Coast and Rocky Mountain/West Coast went up by 1.4 million barrels and 0.1 million barrels, respectively. While, Midwest and East Coast inventories declined by 0.3 million barrels and 0.2 million barrels, respectively. Propylene non-fuel-use inventories reflected a 3.9% of total propane/propylene inventories.

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