Brent oil prices decreased by 3.02% or US$2.02, as prices decreased this week relative to the prior week. Oil traded on April 22, 2021 at a price of US$64.92 per barrel relative to US$66.94 on April 15, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 2.23% (JMD$3.06). Additionally, 90 Octane increased by 2.18% or (JMD$3.06) 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$140.37 and J$143.21 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 21, 2021, it was noted that, “the U.S. average regular gasoline retail price increased nearly 1 cent to $2.86 per gallon on April 19, $1.04 higher than the same time last year.” The Rocky Mountain price rose more than 2 cents $2.97 per gallon, the West Coast price climbed 2 cents to $3.53 per gallon, and the Midwest price increased nearly 2 cents to $2.77 per gallon. The Gulf Coast price decreased more than 1 cent to $2.57 per gallon, and the East Coast price fell less than 1 cent, remaining relatively unchanged at $2.75 per gallon.
The average diesel fuel price declined nearly 1 cent to $3.12 per gallon on April 19, 64 cents higher than a year ago. The Rocky Mountain price fell more than 2 cents to $3.23 per gallon, the Midwest price decreased almost 1 cent to $3.05 per gallon, and the East Coast and Gulf Coast prices each declined under 1 cent, remaining relatively unchanged at $3.10 per gallon and $2.92 per gallon, respectively. The West Coast price rose by less than 1 cent to $3.65 per gallon.
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 0.1 million barrels last week to 40.5 million barrels as of April 16, 2021, 8.8 million barrels (17.8%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Gulf Coast and Rocky Mountain/West Coast inventories fell by 0.5 million barrels and 0.1 million barrels, respectively. Midwest and East Coast inventories climbed by 0.3 million barrels and 0.2 million barrels, respectively.
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