Gas Price Movement – September 27, 2018

Brent Oil

Brent oil prices increased by 2.50% or US$1.98, as prices rose this week. Oil traded on September 27, 2018 at a price of US$81.03 per barrel relative to US$79.05 last week. Brent oil began the year at US$68.07 per barrel.

Petrojam prices

87 Octane prices increased week over week, by 1.78% (JMD$2.47). Additionally, 90 Octane increased by 1.08% or (JMD$1.52) 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$140.88 and J$142.77 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 September 24, 2018, “The U.S. average regular gasoline retail price increased less than one cent from the previous week to $2.84 per gallon, up 26 cents from the corresponding period of last year. Midwest prices rose nearly three cents to $2.79 per gallon and West Coast prices rose nearly one cent to $3.35 per gallon. East Coast prices went down nearly two cents to $2.77 per gallon, and Gulf Coast prices decreased less than a cent, remaining unchanged at $2.56 per gallon. In addition, Rocky Mountain prices were unchanged, remaining at $3.01 per gallon.”

“The U.S. average diesel fuel price increased less than one cent to $3.27 per gallon on September 24, 2018, 48 cents higher than last year. Midwest prices rose one cent to $3.22 per gallon, West Coast and East Coast prices rose less than a cent, remaining unchanged at $3.76 per gallon and $3.25 per gallon, respectively. Furthermore, Rocky Mountain prices fell nearly a cent, remaining unchanged at $3.56 per gallon, and Gulf Coast prices declined less than a cent to $3.05 per gallon.”

Inventories for Propane/propylene increasing

There was an increase in U.S. propane/propylene stocks last week by 1.6 million barrels to 76.4 million barrels as of September 21, 2018. This was 8.0 million barrels (9.5%) lower than the five-year average inventory level year over year. East Coast inventories increased by 0.7 million barrels, Midwest inventories increased by 0.4 million barrels, while Gulf Coast and Rocky Mountain/West Coast inventories each increased by 0.3 million barrels. Propylene non-fuel-use inventories reflected a 2.4% of total propane/propylene inventories.

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2018-09-27T17:55:39+00:00