Brent oil prices increased by 1.22% or US$0.90., as prices decreased this week relative to the prior week. Oil traded on July 29, 2021 at a price of US$74.69 per barrel relative to US$73.79 on July 22, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 1.58 % (JMD$2.43). Additionally, 90 Octane increased by 1.18% or (JMD$1.91) 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$155.79 and J$163.62 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 26, 2021, it was noted that, “The U.S. average regular gasoline retail price decreased nearly 2 cents to $3.14 per gallon on July 26, 96 cents higher than the same time last year.” The Midwest price declined 3 cents to $3.03 per gallon, the Gulf Coast price dropped nearly 3 cents to $2.81 per gallon, and the East Coast price fell more than 1 cent to $3.01 per gallon. The Rocky Mountain price rose nearly 4 cents to $3.60 per gallon, and the West Coast price increased less than 1 cent, remaining virtually unchanged at $3.88 per gallon.
The average diesel fuel price decreased less than 1 cent but remain at $3.34 per gallon on July 26, 92 cents higher than a year ago. The Midwest price decreased nearly 1 cent, remaining virtually unchanged at $3.26 per gallon, and the Gulf Coast and East Coast prices each decreased less than 1 cent, remaining virtually unchanged at $3.08 per gallon and $3.31 per gallon, respectively. The Rocky Mountain price increased more than 1 cent to $3.65 per gallon, and the West Coast price increased nearly 1 cent, remaining virtually unchanged at $3.93 per gallon.
Inventories for Propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 1.9 million barrels last week to 64.5 million barrels as of July 23, 2021, 10.7 million barrels (14.2%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, East Coast, Midwest, and Rocky Mountain/West Coast inventories increased by 1.0 million barrels, 0.6 million barrels, and 0.2 billion barrels, respectively, and Gulf Coast inventories increased slightly, remaining virtually unchanged.
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