Brent oil prices increased by 6.30% or US$3.50, as prices increased this week relative to the prior week. Oil traded on February 04, 2021 at a price of US$59.03 per barrel relative to US$55.53 on January 28, 2020. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 2.16% (JMD$2.53). Additionally, 90 Octane increased by 2.11% or (JMD$2.53) 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$119.72 and J$122.56 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 February 01, 2021, it was noted that, “the U.S. average regular gasoline retail price increased nearly 2 cents, to $2.41 per gallon on February 1, 5 cents lower than the same time last year.” The Midwest price increased nearly 4 cents to $2.31 per gallon, the West Coast and Rocky Mountains prices each increased more than 2 cents to $2.96 per gallon and $2.28 per gallon, respectively, and the East Coast and Gulf Coast prices each increased nearly 1 cent to $2.38 per gallon and $2.11 per gallon, respectively.
The average diesel fuel price in the U.S. rose more than 2 cents to $2.74 per gallon as at last week, and 22 cents lower when compared to the same period last year. The East Coast and Rocky Mountains prices each increased nearly 3 cents to $2.79 per gallon and $2.64 per gallon, respectively, the West Coast price increased more than 2 cents to $3.20 per gallon, the Midwest price increased 2 cents to $2.68 per gallon, and the Gulf Coast price increased nearly 2 cents to $2.50 per gallon.
Inventories for Propane/propylene decreases
There was a decrease in U.S. propane/propylene stocks last week by 1.6 million barrels to 56.1 million barrels as of January 29, 2021. This was 3.9 million barrels (6.4%) less than the five-year (2016-2020) average inventory levels same time last year.
Additionally, Midwest, Gulf Coast, Rocky Mountain/West Coast, and East Coast inventories decreased by 0.8 million barrels, 0.6 million barrels, 0.2 million barrels, and 0.1 million barrels, respectively.
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