Gas Price Movements- May 21, 2020

May 21, 2020

Brent Oil

Brent oil prices increased by 16.16% or US$5.03, as prices rose this week relative to the prior week. Oil traded on May 21, 2020 at a price of US$36.16 per barrel relative to US$31.13 on May 15, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

87 Octane prices increased this week by 0.21% (JMD$0.25). Additionally, 90 Octane increased by 0.21% or (JMD$0.25) this week. 87 Octane and 90 Octane opened the year 2020 at J$127.27 and J$130.11 respectively and now trades at J$117.42 and J$120.26 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 May 18, 2020, it was noted that “the U.S. average regular gasoline retail price increased almost 3 cents from the previous week to $1.88 per gallon, $0.97 lower than the prior year.” The Rocky Mountain price increased almost 6 cents to $1.82 per gallon, the Gulf Coast price climbed 4 cents to $1.54 per gallon, the Midwest price increased more than 3 cents to $1.78 per gallon, the West Coast price rose close to 3 cents to $2.48 per gallon, and the East Coast price increased almost 2 cents to $1.83 per gallon.

“The average diesel fuel price in the U.S. decreased close to 1 cent remaining relatively unchanged at $2.39 per gallon relative to the previous week, and 787 cents lower when compared to the same period last year. The West Coast and Midwest prices each declined more than 1 cent to $2.89 per gallon and $2.23 per gallon, respectively. Whereas, the East Coast and Rocky Mountain prices each decreased almost 1 cent to $2.49 per gallon and $2.34 per gallon, respectively, and the Gulf Coast price fell less than 1 cent, remaining unchanged at $2.18 per gallon.”

Inventories for Propane/propylene increase

There was an increase in U.S. propane/propylene stocks last week by 1.1 million barrels to 62.7 million barrels as of May 15, 2020. This was 7.7 million barrels (14.0%) higher than the five-year (2015-2019) average inventory levels year over year.

Additionally, Midwest, East Coast, and Rocky Mountain/West Coast inventories each experienced increases of 0.7 million barrels, 0.5 million barrels, and 0.1 million barrels, respectively. Moreover, Gulf Coast inventories declined by 0.3 million barrels.

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