Gas Price Movement – October 04, 2018

Brent Oil

Brent oil prices increased by 4.94% or US$4, as prices rose this week. Oil traded on October 04, 2018 at a price of US$85.03 per barrel relative to US$81.03 last week. Brent oil began the year at US$68.07 per barrel.

Petrojam prices

87 Octane prices increased week over week, by 0.81% (JMD$1.14). Additionally, 90 Octane increased by 1.39% or (JMD$1.98) 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$142.02 and J$144.86 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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An increase in U.S. Average regular gasoline and diesel prices

On October 01, 2018, “The U.S. average regular gasoline retail price increased over two cents from the previous week to $2.87 per gallon, up 30 cents from the corresponding period of last year. West Coast prices rose more than six cents to $3.41 per gallon, Gulf Coast prices rose over three cents to $2.59 per gallon, East Coast prices went up over two cents to $2.79 per gallon, and Midwest prices increased less than a cent, remaining unchanged at $2.79 per gallon. In addition, Rocky Mountain prices fell more than a cent to $3.00 per gallon.”

“The U.S. average diesel fuel price increased more than 4 cents to $3.31 per gallon on October 01, 2018, 52 cents higher than last year. Midwest prices rose six cents to $3.28 per gallon, West Coast prices rose over 4 cents to $3.80 per gallon, while East Coast prices went up nearly 4 cents to $3.29 per gallon and Gulf Coast prices rose nearly three cents to $3.08 per gallon. Furthermore, Rocky Mountain prices increased over one cent to $3.37 per gallon.”

Inventories for Propane/propylene increasing

There was an increase in U.S. propane/propylene stocks last week by 2.4 million barrels to 78.7 million barrels as of September 28, 2018. This was 6.6 million barrels (7.7%) lower than the five-year average inventory level year over year. Gulf Coast and Midwest inventories increased by 1.7 million barrels and 1.1 million barrels, respectively. East Coast and Rocky Mountain/West Coast inventories decreased by 0.3 million barrels and 0.1 million barrels, respectively. Propylene non-fuel-use inventories reflected a 2.7% of total propane/propylene inventories.

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