Brent oil prices increased by 3.39% or US$2.22, as prices increased this week relative to the prior week. Oil traded on April 29, 2021 at a price of US$67.62 per barrel relative to US$65.40 on April 22, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 1.36% (JMD$1.91). Additionally, 90 Octane increased by 1.33% or (JMD$1.91) 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$142.28 and J$145.12 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 stable
On April 26, 2021, it was noted that, “the U.S. average regular gasoline retail price increased nearly 2 cents to $2.87 per gallon on April 26, $1.10 higher than the same time last year.” The West Coast price rose by almost 3 cents to $3.55 per gallon, the Midwest and Gulf Coast prices both rose by more than 2 cents to $2.80 per gallon and $2.59 per gallon, respectively, the Rocky Mountain price increased 2 cents to $2.99 per gallon, and the East Coast price climbed by almost 1 cent to $2.76 per gallon.
The average diesel fuel price remained unchanged at $3.12 per gallon on April 26, 69 cents higher than a year ago. The West Coast price rose nearly 1 cent, remaining virtually unchanged at $3.65 per gallon, and the Midwest price increased less than 1 cent to $3.06 per gallon. The Gulf Coast price fell nearly 1 cent, remaining virtually unchanged at $2.92 per gallon, the Rocky Mountain price decreased less than 1 cent, remaining virtually unchanged at $3.23 per gallon, and the East Coast price fell less than 1 cent to $3.09 per gallon.
Inventories for Propane/propylene rise
There was a increase in U.S. propane/propylene stocks last week by 0.5 million barrels last week to 41.0 million barrels as of April 23, 2021, 8.7 million barrels (17.5%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Gulf Coast inventories increase by 0.5 million barrels, and Rocky Mountain/West Coast and East Coast inventories each increased by 0.1 million barrels. Midwest inventories decreased by 0.3 million barrels.
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