Brent oil prices decreased by 0.44% or US$0.32, as prices decreased this week relative to the prior week. Oil traded on July 22, 2021 at a price of US$73.79 per barrel relative to US$73.47 on July 15, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices decreased this week by 1.50 % (JMD$2.34). Additionally, 90 Octane decreased by 1.40% or (JMD$2.29) 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$153.36 and J$161.71 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 July 19, 2021, it was noted that, “The U.S. average regular gasoline retail price increased 2 cents to $3.15 per gallon on July 19, 97 cents higher than the same time last year.” The Rocky Mountain price increased more than 7 cents to $3.56 per gallon, the Midwest price increased nearly 4 cents to $3.06 per gallon, the West Coast price increased more than 1 cent to $3.88 per gallon, the East Coast price increased 1 cent to $3.02 per gallon, and the Gulf Coast price increased nearly 1 cent, remaining virtually unchanged at $2.83 per gallon.
The average diesel fuel price increased nearly 1 cent but remain at $3.34 per gallon on July 19, 91 cents higher than a year ago. The Rocky Mountain price increased 4 cents to $3.63 per gallon, the West Coast price increased more than 2 cents to $3.93 per gallon, and the Midwest price increased less than 1 cent, remaining virtually unchanged at $3.26 per gallon. The East Coast and Gulf Coast prices were unchanged, remaining at $3.31 per gallon and $3.08 per gallon, respectively.
Inventories for Propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 3.1 million barrels last week to 62.7 million barrels as of July 16, 2021, 11.2 million barrels (15.1%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Midwest, Rocky Mountain/West Coast, and East Coast inventories increased by 2.2 million barrels, 0.6 million barrels, 0.3 million barrels, and 0.1 million barrels, respectively.
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