Brent oil prices decreased by 0.10% or US$0.05, as prices decreased this week relative to the prior week. Oil traded on December 31, 2020 at a price of US$51.09 per barrel relative to US$51.14 on December 24, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 0.05% (JMD$0.06). Additionally, 90 Octane increased by 0.05% or (JMD$0.06) 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$110.41 and J$113.25 per litre respectively.
Figure 1: Petrojam, U.S. Gulf Coast Conventional Gasoline Regular, and Brent Crude Oil Price History
This Week in Petroleum
U.S. average regular gasoline and diesel prices increases
On December 28, 2020, it was noted that, “the U.S. average regular gasoline retail price increased nearly 2 cents, to $2.24 per gallon on December 28, 33 cents lower than the same time last year.” The East Coast price increased nearly 1 cent to $2.20 per gallon, the Gulf Coast price remained at $1.93 per gallon as at last week. The Midwest price increased greater than 5 cents to $2.17 per gallon and the West Coast price increased almost by 2 cents to $2.79 per gallon. Meanwhile the Rocky Mountain price increased less than 1 cent but remained virtually unchanged at $2.19 per gallon.
The average diesel fuel price in the U.S. rose by near 2 cents to $2.64 per gallon as at last week, and 43 cents lower when compared to the same period last year. The Gulf Coast price climbed greater than 1 cent to $2.39 per gallon, Midwest price increased lee than 3 cents to $2.59 per gallon and East Coast price rose almost by 1 cent to $2.66 per gallon. The Rocky Mountain price rose almost by 1 cent to $2.59 per gallon and West Coast prices increased less than 2 cents to $3.11 per gallon.
Inventories for Propane/propylene decreases
There was a decrease in U.S. propane/propylene stocks last week by 6.5 million barrels to 75.1 million barrels as of December 25, 2020. This was 2.3 million barrels (3.0%) higher than the five-year (2015-2019) average inventory levels same time last year.
Additionally, Gulf Coast and Midwest, East Coast and Rocky Mountain/West Coast inventories decreased by 3.5 million barrels, 1.6 million barrels, 1.0 million barrels, and 0.3 million barrels, respectively.
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