Gas Price Movement- October 03, 2019

Brent Oil

Brent oil prices decreased by 8.64% or US$5.42, as prices decreased this week relative to the prior week. Oil traded on October 03, 2019 at a price of US$57.32 per barrel relative to US$62.74 on September 26, 2019. Brent oil began the year at US$54.91 per barrel.

Petrojam prices

87 Octane prices decreased this week by 2.03% (JMD$2.65). Additionally, 90 Octane decreased by 1.99% or (JMD$2.65) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$128.00 and J$130.84 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 September 30, 2019, it was noted that, “The U.S. average regular gasoline retail price fell over 1 cent from the previous week to $2.64 per gallon, almost 22 cents lower the same time last year. The Midwest price dropped nearly 10 cents to $2.49 per gallon, and the East Coast price declined close to 3 cents to $2.51 per gallon. In addition, the Gulf Coast price went down 3 cents to $2.33 per gallon, and the West Coast price inched up by 21 cents to $3.55 per gallon, while Rocky Mountain prices rose by more than 1 cent to $2.71 per gallon.”

“The U.S. average diesel fuel price went down 2 cents remaining at $3.07 per gallon on September 30, 25 cents lower than the same time last year. The Gulf Coast price declined over 3 cents to $2.83 per gallon, the East Coast price dropped almost 2 cents to $3.07 per gallon, the West Coast and Midwest prices fell by nearly 1 cent, remaining at $3.65 per gallon and $2.99 per gallon, respectively. Whereas, the Rocky Mountain price decreased below 1 cent, remaining at $3.03 per gallon.”


Inventories for Propane/propylene rise

There was an increase in U.S. propane/propylene stocks last week by 1.0 million barrels to 100.6 million barrels as of September 27, 2019. This was 13.0 million barrels (14.8%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest, Gulf Coast, and East Coast inventories increased by 0.5 million barrels, 0.4 million barrels, and 0.2 million barrels, respectively. Rocky Mountain/West Coast inventories decreased by 0.1 million barrels. Propylene non-fuel-use inventories represented 4.3% of total propane/propylene inventories.

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