Gas Price Movement July 1, 2021

Brent Oil

Brent oil prices increased by 0.37% or US$0.28, as prices increased this week relative to the prior week. Oil traded on July 1, 2021, at a price of US$75.84 per barrel relative to US$75.56 on June 24, 2021. Brent oil opened 2021 year at US$54.52 per barrel.

Petrojam prices

87 Octane prices increased this week by 1.37% (JMD$2.06). Additionally, 90 Octane increased by 1.96% 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$152.61 and J$158.79 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 June 28, 2021, it was noted that “the U.S. average regular gasoline retail price increased more than 3 cents to $3.09 per gallon on June 28, 92 cents higher than the same time last year.” The Gulf Coast price rose 5 cents to $2.78 per gallon, the Midwest price increased almost by 3 cents to $2.99 per gallon, the East Coast price increased nearly 2 cents to $2.98 per gallon, the Rocky Mountain price increased almost by 9 cents to $3.36 per gallon, and the West Coast price rose nearly 5 cents to $3.81 per gallon.

The average diesel fuel price increased more than 1 cent however to $3.30 per gallon on June 28, 87 cents higher than a year ago. The Rocky Mountain price rose 4 cents to $3.43 per gallon, the West Coast price increased 3 cents to $3.84 per gallon, and the Gulf Coast climbed less than 1 cent, remaining virtually unchanged at $3.04. The Midwest price increased less than 1 cent, to $2.24 per gallon. The East Coast price increased nearly 2 cents to $3.29 per gallon.

Inventories for Propane/propylene rise

There was an increase in U.S. propane/propylene stocks last week by 1.2 million barrels last week to 57.5 million barrels as of June 25, 2021, 11.5 million barrels (16.7%) 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 0.9 million barrels, 0.4 million barrels, and 0.1 million barrels, respectively. East Coast inventories decreased by 0.2 million barrels.

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