Gas Price Movement – October 25, 2018

Brent Oil

Brent oil prices decreased by 2.65% or US$2.09, as prices declined this week. Oil traded on October 25, 2018 at a price of US$76.70 per barrel relative to US$78.79 last week. Brent oil began the year at US$68.07 per barrel.

Petrojam prices

87 Octane prices decreased week over week, by 1.52% (JMD$2.12). Additionally, 90 Octane decreased by 1.49% or (JMD$2.12) 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$137.24 and J$140.08 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 October 22, 2018, “The U.S. average regular gasoline retail price declined almost four cents from the previous week to $2.84 per gallon, up 36 cents from the corresponding period of last year. The Midwest prices fell nearly seven cents to $2.69 per gallon, Gulf Coast prices decreased almost five cents to $2.58 per gallon, East Coast prices dropped more than three cents to $2.78 per gallon, while Rocky Mountain prices declined nearly two cents to $2.96 per gallon. In addition, West Coast prices rose less than a cent to $3.50 per gallon.”

“The U.S. average diesel fuel price dipped more one cent and remained at $3.38 per gallon on October 22, 2018, 58 cents higher than last year. Gulf Coast prices decreased two cents to $3.15 per gallon, Midwest prices fell almost two cents to $3.33 per gallon, East Coast decreased over a cent to $3.37 per gallon, and West Coast went down close to a cent to $3.87 per gallon. Furthermore, Rocky Mountain prices rose nearly a cent to $3.41 per gallon.”

Inventories for Propane/propylene declined slightly

There was a decline in U.S. propane/propylene stocks last week by 0.3 million barrels to 82.0 million barrels as of October 19, 2018. This was 3.9 million barrels (4.5%) lower than the five-year average inventory level year over year. Midwest and Rocky Mountain/West Coast inventories each fell by 0.2 million barrels, while East Coast inventories slightly decreased, remaining unchanged. However, Gulf Coast inventories went up by 0.1 million barrels. Propylene non-fuel-use inventories reflected a 3.4% of total propane/propylene inventories.

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