Gas Price Movement – November 21, 2019

November 21, 2019

Brent Oil

Brent oil prices increased by 1.91% or US$1.19, as prices decreased this week relative to the prior week. Oil traded on November 21, 2019 at a price of US$63.47 per barrel relative to US$62.28 on November 21, 2019. Brent oil began the year at US$55.95 per barrel.

Petrojam prices

87 Octane prices decreased this week by 0.12% (JMD$0.15). Additionally, 90 Octane decreased by 0.12% or (JMD$0.15) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$129.41 and J$132.25 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 declined and diesel prices rose slightly

On November 20, 2019, it was noted that, “The U.S. average regular gasoline retail price fell over 2 cent from the last week to $2.59 per gallon on November 18, almost 2 cents lower the same time last year. The West Coast price dropped nearly 5 cents to $3.54 per gallon, and the Gulf Coast price declined more than to 4 cents to $2.22 per gallon. In addition, the East Coast went down more than 2 cents to $2.45 per gallon, and the Midwest price price inched down less than 1 cents to $2.44 per gallon, while Rocky Mountain prices rose by nearly 2 cent to $2.84 per gallon.”

“The U.S. average diesel fuel price went up by less than 1 cent remaining at $3.07 per gallon on November 18, 21 cents lower than the same time last year. The Rocky Mountain price rose almost 3 cents to $3.23 per gallon, the East Coast price increased by less than 1 cent to $3.05 per gallon, the Gulf Coast and West Coast prices each fell by almost 1 cent, remaining at $2.79 per gallon and $3.76 per gallon, respectively. Whereas, the Midwest price decreased below 1 cent, remaining at $2.97 per gallon.”


Inventories for Propane/propylene decreased

There was a decrease in U.S. propane/propylene stocks last week by 3.4 million barrels to 94.2 million barrels as of November 15, 2019. This was 5.8 million barrels (6.6%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Gulf Coast and Midwest inventories fell by 2.5 million barrels and 1.5 million barrels, respectively. East Coast inventories rose by 0.5 million barrels, and Rocky Mountain/West Coast inventories was little changed. Propylene non-fuel-use inventories represented 5.4% of total propane/propylene inventories.

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