Gas Price Movement – February 25, 2021

Brent Oil

Brent oil prices increased by 3.13% or US$2.00, as prices increased this week relative to the prior week. Oil traded on February 25, 2021 at a price of US$65.93 per barrel relative to US$63.93 on February 18, 2021. Brent oil opened 2021 year at US$54.52 per barrel.

Petrojam prices

87 Octane prices increased this week by 3.58% (JMD$4.50). Additionally, 90 Octane increased by 3.50% or (JMD$4.50) 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$130.12 and J$132.96 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 22, 2021, it was noted that, “the U.S. average regular gasoline retail price increased more than 13 cents, to $2.63 per gallon on February 22, 17 cents higher than the same time last year.” The Midwest price rose greater than 16 cents to $2.56 per gallon, the East Coast price rose greater than 13 cents to $2.60 per gallon, the Gulf Coast price increased nearly 13 cents to $2.34 per gallon, the West Coast price increased nearly 11 cents to $3.15 per gallon, and the Rocky Mountain price increased nearly 5 cents $2.44 per gallon.

The average diesel fuel price in the U.S. rose nearly 10 cents to $2.97 per gallon as at last week, and 9 cent higher when compared to the same period last year. The West Coast and East Coast prices each rose more than 10 cents to $3.43 per gallon and $3.00 per gallon, respectively, the Gulf Coast price climbed nearly 10 cents to $2.72 per gallon, the Midwest price surged more than 9 cents to $2.95 per gallon, and the Rocky Mountain price increased nearly 7 cents to $2.86 per gallon.

Inventories for Propane/propylene decreases

There was a decrease in U.S. propane/propylene stocks last week by 5.2 million barrels to 43.5 million barrels as of February 19, 2021. This was 8.8 million barrels (16.8%) less than the five-year (2016-2020) average inventory levels same time last year.

Additionally, Midwest, Gulf Coast, East Coast, and Rocky Mountain/West Coast inventories decreased by 2.0 million barrels, 1.8 million barrels, 1.2 million barrels, and 0.1 million barrels, respectively.

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