Brent oil prices increased by 0.03% or US$0.02, as prices increased this week relative to the prior week. Oil traded on August 12, 2021, at a price of US$71.31 per barrel relative to US$71.29 on August 5, 2021. Brent oil opened in 2021 year at US$54.52 per barrel.
87 Octane prices decreased this week by 0.71% (JMD$1.12). Additionally, 90 Octane decreased by 0.99% or (JMD$1.64) 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$156.44 and J$163.21 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 and diesel prices increases
On August 09, 2021, it was noted that “the U.S. average regular gasoline retail price increased more than 1 cent to $3.17 per gallon on August 09, $1.01 higher than the same time last year.” The Rocky Mountain price increased more than 3 cents to $3.67 per gallon, the West Coast price increased more than 2 cents to $3.94 per gallon, the Midwest price increased nearly 2 cents to $3.06 per gallon, and the East Coast price increased more than 1 cent to $3.04 per gallon. The Gulf Coast price decreased nearly 1 cent to $2.83 per gallon.
The average diesel fuel price decreased by less than 1 cent but remain at $3.36 per gallon on August 9, 94 cents higher than a year ago. The Gulf Coast price decreased more than 1 cent to $3.08 per gallon, the Midwest price decreased nearly 1 cent to $3.27 per gallon, and the East Coast price decreased less than 1 cent, remaining virtually unchanged at $3.33 per gallon. The West Coast price increased nearly 2 cents to $4.01 per gallon, and the Rocky Mountain price increased nearly 1 cent to $3.68 per gallon.
Inventories for Propane/propylene declined
There was a decrease in U.S. propane/propylene stocks last week by 0.6 million barrels last week to 65.3 million barrels as of August 6, 2021, 14.0 million barrels (17.7%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Gulf Coast, Rocky Mountain/West Coast, and East Coast inventories decreased by 1.0 million barrels, 0.2 million barrels, and 0.1 million barrels, respectively. Midwest inventories increased by 0.6 million barrels.
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