Gas Price Movement- November 22, 2018

Brent Oil

Brent oil prices decreased by 5.42% or US$3.61, as prices declined this week. Oil traded on November 22, 2018 at a price of US$63.01 per barrel relative to US$66.62 last week. Brent oil began the year at US$66.57 per barrel.

Petrojam prices

87 Octane prices decreased week over week, by 1.40% (JMD$1.83). Additionally, 90 Octane decreased by 1.37% or (JMD$1.83) 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$128.72 and J$131.56 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 19, 2018, “The U.S. average regular gasoline retail price declined almost eight cents from the previous week to $2.61 per gallon, up 4 cents from the corresponding period of last year. Midwest prices dropped nearly ten cents to $2.42 per gallon, Gulf Coast prices declined almost eight cents to $2.31 per gallon, East Coast prices decreased nearly seven cents to $2.55 per gallon. Rocky Mountain prices fell over six cents to $2.83 per gallon, and West Coast prices declined over five cents to $3.35 per gallon.”

“The U.S. average diesel fuel price dipped almost four cents to $3.28 per gallon on November 19, 2018, 37 cents higher than last year. Midwest prices decreased almost five cents to $3.22 per gallon, while West Coast and Gulf Coast prices each dipped four cents to $3.77 per gallon and $3.05 per gallon, respectively. Rocky Mountain and East Coast prices each fell almost two cents to $3.36 per gallon and $3.30 per gallon, respectively.”

Inventories for Propane/propylene decline

There was a decline in U.S. propane/propylene stocks last week by 2.0 million barrels to 81.8 million barrels as of November 16, 2018 This was 1.9 million barrels (2.3%) lower than the five-year (2013-2017) average inventory level year over year. Gulf Coast inventories fell by 1.0 million barrels, East Coast inventories decreased by 0.5 million barrels, and Midwest and Rocky Mountain/West Coast inventories each fell by 0.2 million barrels. Propylene non-fuel-use inventories reflected a 4.4% of total propane/propylene inventories.

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