Gas Price Movement – April 8, 2021

Brent Oil

Brent oil prices decreased by 2.73% or US$1.77, as prices decreased this week relative to the prior week. Oil traded on April 1, 2021 at a price of US$64.86 per barrel relative to US$63.09 on April 8, 2021. Brent oil opened 2021 year at US$54.52 per barrel.

Petrojam prices

87 Octane prices increased this week by 0.87% (JMD$1.19). Additionally, 90 Octane increased by 0.85% or (JMD$1.19) this week. 87 Octane and 90 Octane opened the year 2021 at J$112.05 and J$114.89 respectively and now trades at J$137.89 and J$140.73 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 increases and diesel prices decreases

On April 5, 2021, it was noted that, “the U.S. average regular gasoline retail price increased nearly 1 cent, to $2.86 per gallon on April 5, 93 cents higher than the same time last year.” The Midwest price increased almost by 4 cents to $2.78 per gallon, and the West Coast price rose more than 1 cent to $3.49 per gallon. The Rocky Mountain price was unchanged at $2.95 per gallon. The East Coast price fell almost by 1 cent to $2.77 per gallon, and the Gulf Coast price decreased nearly 2 cents to $2.59 per gallon.

The average diesel fuel price in the U.S. fell almost by 2 cents to $3.14 per gallon as at last week, and 60 cents higher when compared to the same period last year. The Gulf Coast and Midwest prices each went down by  more than 2 cents to $2.93 per gallon and $3.08 per gallon, respectively, the East Coast and Rocky Mountains prices each decreased almost by 2 cents to $3.11 per gallon and $3.28 per gallon, respectively, and the West Coast price fell nearly 1 cent to $3.65 per gallon.

Inventories for Propane/propylene increase

There was an increase in U.S. propane/propylene stocks last week by 0.3 million barrels to 39.6 million barrels as of April 2, 2021. This was 8.8 million barrels (18.2%) less than the five-year (2016-2020) average inventory levels same time last year.

Additionally, East Coast inventories increased by 0.7 million barrels and 0.2 million barrels, respectively. Midwest and Rocky Mountain inventories decreased by 0.3 million barrels and 0.2 million barrels, respectively.

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