Brent oil prices decreased by 6.30% or US$4.49, as prices decreased this week relative to the prior week. Oil traded on August 19, 2021 at a price of US$66.82 per barrel relative to US$71.31 on August 12, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices decreased this week by 0.45% (JMD$0.70). Additionally, 90 Octane decreased by 0.44% or (JMD$0.71) 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$155.74 and J$162.50 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 price increases and diesel prices decrease
On August 16, 2021, it was noted that “The U.S. average regular gasoline retail price increased less than 1 cent, remaining virtually unchanged at $3.17 per gallon on August 16, $1.01 higher than the same time last year.” The West Coast price increased more than 2 cents to $3.96 per gallon, the Gulf Coast price increased nearly 2 cents to $2.85 per gallon, and the Rocky Mountain price increased less than 1 cent, remaining virtually unchanged at $3.67 per gallon. The Midwest price decreased 1 cent to $3.05 per gallon, and the East Coast price decreased less than 1 cent, remaining virtually unchanged at $3.04 per gallon.
The average diesel fuel price decreased less than 1 cent but remain at $3.36 per gallon on August 16, 93 cents higher than a year ago. The Rocky Mountain price decreased almost by 2 cents to $3.66 per gallon, the East Coast and Midwest prices each decreased more than 1 cent to $3.32 per gallon and $3.26 per gallon, respectively, and the Gulf Coast price decreased 1 cent to $3.07 per gallon. The West Coast price increased 2 cents to $4.03 per gallon.
Inventories for Propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 1.4 million barrels last week to 66.8 million barrels as of August 13, 2021, 14.2 million barrels (17.5%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Midwest, Gulf Coast, and Rocky Mountain/West Coast inventories increased by 0.8 million barrels, 0.8 million barrels, and 0.1 million barrels, respectively. East Coast inventories decreased by 0.3 million barrels.
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