Gas Price Movement- November 08, 2018

Brent Oil

Brent oil prices decreased by 1.92% or US$1.40, as prices declined this week. Oil traded on November 08, 2018 at a price of US$71.49 per barrel relative to US$72.89 last week. Brent oil began the year at US$66.57 per barrel.

Petrojam prices

87 Octane prices decreased week over week, by 1.82% (JMD$2.47). Additionally, 90 Octane decreased by 1.78% or (JMD$2.47) 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$133.48 and J$136.32 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 November 07, 2018, “The U.S. average regular gasoline retail price declined almost six cents from the previous week to $2.75 per gallon, up 19 cents from the corresponding period of last year. Midwest prices dropped nearly eight cents to $2.60 per gallon, Gulf Coast prices declined almost seven cents to $2.46 per gallon, East Coast prices decreased over five cents to $2.68 per gallon. West Coast prices went down more than three cents to $3.45 per gallon, and Rocky Mountain prices fell over two cents to $2.94 per gallon.”

“The U.S. average diesel fuel price dipped almost two cents to $3.34 per gallon on November 05, 2018, 46 cents higher than last year. Midwest prices decreased more than two cents to $3.29 per gallon, while West Coast and East Coast prices each declined almost two cents to $3.83 per gallon and $3.33 per gallon, respectively. Gulf Coast prices fell more than a cent to $3.11 per gallon, and Rocky Mountain prices declined almost a cent to $3.40 per gallon.”

Inventories for Propane/propylene rise

There was a rise in U.S. propane/propylene stocks last week by 1.5 million barrels to 84.5 million barrels as of November 02, 2018. This was equivalent to the five-year average inventory level year over year. Gulf Coast inventories increased by 1.9 million barrels. Rocky Mountain/West Coast inventories declined by 0.2 million barrels, while East Coast and Midwest Inventories each declined by 0.1 million barrels. Propylene non-fuel-use inventories reflected a 4.4% of total propane/propylene inventories.

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