Gas Price Movement – November 7, 2019

November 7, 2019


Brent Oil

Brent oil prices increased by 3.72% or US$2.24, as prices decreased this week relative to the prior week. Oil traded on November 07, 2019 at a price of US$62.47 per barrel relative to US$60.23 on October 31, 2019. Brent oil began the year at US$54.91 per barrel.

Petrojam prices

87 Octane prices increased this week by 0.91% (JMD$1.17). Additionally, 90 Octane increased by 0.89% or (JMD$1.17) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$129.65 and J$132.49 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 November 06, 2019, it was noted that, “The U.S. average regular gasoline retail price rose nearly 1 cent from the previous week to $2.61 per gallon on November 4, 15 cents lower than the same time last year. The Rocky Mountain price increased more than 5 cents to $2.79 per gallon, the East Coast price rose by more than 2 cents to $2.48 per gallon, and the Midwest price rose by nearly 1 cent to $2.42 per gallon. The Gulf Coast price fell by nearly 2 cents to $2.23 per gallon, while the West Coast price remained unchanged at $3.60 per gallon.”

“The U.S. average diesel fuel price fell by less than 1 cent, remaining virtually unchanged at $3.06 per gallon on November 4, 28 cents lower than a year ago. The East Coast price fell nearly 2 cents to $3.04 per gallon, the Gulf Clast price declined by more than 1 cent to $2.80 per gallon, and the Midwest price fell by less than 1 cent, remaining at $2.96 per gallon. The Rocky Mountain price increased by more than 8 cents to $3.17 per gallon, and the West Coast price increased more than 2 cents to $3.75 per gallon.”


Inventories for Propane/propylene rise

There was an increase in U.S. propane/propylene stocks last week by 0.3 million barrels to 100.2 million barrels as of November 01, 2019. This was 11.1 million barrels (12.5%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Gulf Coast and East Coast inventories each increased by 0.5 million barrels, and Rocky Mountain/West Coast inventories climbed by 0.1 million barrels. Midwest inventories fell by 0.8 million barrels. Propylene non-fuel-use inventories represented 4.6% of total propane/propylene inventories.

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