Brent oil prices decreased by 1.80% or US$1.01, as prices decreased this week relative to the prior week. Oil traded on January 28, 2021 at a price of US$55.09 per barrel relative to US$56.10 on January 21, 2020. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 1.09% (JMD$1.26). Additionally, 90 Octane increased by 1.06% or (JMD$1.26) 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$117.19 and J$120.03 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 25, 2021, it was noted that, “the U.S. average regular gasoline retail price increased more than 1 cent, to $2.39 per gallon on January 25, 11 cents lower than the same time last year.” The East Coast, West Coast, and Rocky Mountain prices each increased greater than 2 cents to $2.37 per gallon, $2.93 per gallon, and $2.26 per gallon, respectively. The Midwest price was unchanged at $2.28 per gallon, and the Gulf Coast price declined 1 cent to $2.10 per gallon.
The average diesel fuel price in the U.S. rose by 2 cents to $2.72 per gallon as at last week, and 29 cents lower when compared to the same period last year. The Midwest, Gulf Coast, and West Coast prices each rose more than 2 cents to $2.66 per gallon, $2.48 per gallon, and $3.18 per gallon, respectively, the East Coast price increased almost by 2 cents to $2.76 per gallon, and the Rocky Mountain price went up 1 cent to $2.61 per gallon.
Inventories for Propane/propylene decreases
There was a decrease in U.S. propane/propylene stocks last week by 2.2 million barrels to 57.6 million barrels as of January 22, 2021. This was 5.5 million barrels (8.7%) less than the five-year (2016-2020) average inventory levels same time last year.
Additionally, Midwest, Gulf Coast, and Rocky Mountain/West Coast inventories went down by 1.5 million barrels, 0.8 million barrels, and 0.4 million barrels, respectively. East Coast inventories went up by 0.6 million barrels.
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