Brent oil prices increased by 3.75% or US$2.04, as prices increased this week relative to the prior week. Oil traded on January 14, 2021 at a price of US$56.42 per barrel relative to US$54.38 on January 07, 2020. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 2.73% (JMD$3.06). Additionally, 90 Octane increased by 2.66% or (JMD$3.06) 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$115.11 and J$117.95 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 January 11, 2021, it was noted that, “the U.S. average regular gasoline retail price increased nearly 7 cents, to $2.32 per gallon on January 11, 25 cents lower than the same time last year.” The East Coast price increased by almost 8 cents to $2.30 per gallon and the Gulf Coast price increased by 9 cents to $2.02 per gallon. The Midwest price increased more than 6 cents to $2.22 per gallon and the West Coast price increased greater than 4 cents to $2.85 per gallon. Meanwhile, the Rocky Mountain price increased by more than 2 cents to $2.21 per gallon.
The average diesel fuel price in the U.S. rose by 3 cents to $2.67 per gallon as at last week, and 39 cents lower when compared to the same period last year. The Gulf Coast price climbed more than 3 cents to $2.43 per gallon, East Coast price rose by 5 cents to $2.72 per gallon and West Coast prices increased more than 2 cents to $3.14 per gallon. Midwest price increased more than 1 cent to $2.61 per gallon. While, the Rocky Mountain price rose almost by 1 cent but remained at $2.59 per gallon.
Inventories for Propane/propylene decreases
There was a decrease in U.S. propane/propylene stocks last week by 6.7 million barrels to 66.0 million barrels as of January 08, 2021. This was 1.4 million barrels (2.1%) higher than the five-year (2016-2020) average inventory levels same time last year.
Additionally, Gulf Coast, Midwest, East Coast, and Rocky Mountain/West Coast inventories declined by 4.3 million barrels, 1.7 million barrels, 0.6 million barrels, and 0.1 million barrels, respectively.
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