Brent oil prices increased by 4.56% or US$2.79, as prices increased this week relative to the prior week. Oil traded on February 18, 2021 at a price of US$63.93 per barrel relative to US$61.14 on February 11, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 2.34% (JMD$2.87). Additionally, 90 Octane increased by 2.29% or (JMD$2.87) 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$125.62 and J$128.46 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 15, 2021, it was noted that, “the U.S. average regular gasoline retail price increased by 4 cents, to $2.50 per gallon on February 15, 7 cents higher than the same time last year.” The Rocky Mountain price rose more than 6 cents to $2.39 per gallon, the Gulf Coast price rose more than 5 cents to $2.22 per gallon, the West Coast price increased more than 4 cents to $3.04 per gallon, the Midwest price increased nearly 4 cents to $2.40 per gallon, and the East Coast price increased more than 3 cents to $2.47 per gallon.
The average diesel fuel price in the U.S. rose nearly 8 cents to $2.88 per gallon as at last week, and 1 cent lower when compared to the same period last year. The Midwest price increased more than 10 cents to $2.85 per gallon, the Rocky Mountain price increased nearly 9 cents to $2.79 per gallon, the West Coast price increased 7 cents to $3.33 per gallon, the Gulf Coast price increased more than 6 cents to $2.63 per gallon, and the East Coast price increased more than 5 cents to $2.90 per gallon.
Inventories for Propane/propylene decreases
There was a decrease in U.S. propane/propylene stocks last week by 2.9 million barrels to 48.6 million barrels as of February 12, 2021. This was 4.8 million barrels (9.0%) less than the five-year (2016-2020) average inventory levels same time last year.
Additionally, Midwest, East Coast, Gulf Coast, and Rocky Mountain/West Coast inventories decreased by 1.6 million barrels, 0.8 million barrels, 0.4 million barrels, and 0.1 million barrels, respectively.
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