Brent oil prices decreased by 3.64% or US$2.76, as prices decreased this week relative to the prior week. Oil traded on July 8, 2021 at a price of US$73.08 per barrel relative to US$75.84 on July 2, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 0.65% (JMD$0.99). Additionally, 90 Octane increased by 1.85% or (JMD$2.94) 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$153.60 and J$161.73 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 5, 2021, it was noted that “the U.S. average regular gasoline retail price increased more than 3 cents to $3.12 per gallon on July 5, 95 cents higher than the same time last year.” The Rocky Mountain price rose almost by 8 cents to $3.43 per gallon, the Midwest price climbed nearly 4 cents to $3.03 per gallon, the West Coast price rose more than 3 cents to $3.84 per gallon, the East Coast price increased 3 cents to $3.01 per gallon, and the Gulf Coast price grew 2 cents to $2.80 per gallon.
The average diesel fuel price increased more than 3 cents to $3.33 per gallon on July 5, 89 cents higher than a year ago. The Rocky Mountain price climbed more than 8 cents to $3.52 per gallon, the West Coast price rose nearly 6 cents to $3.90 per gallon, the Gulf Coast price increased more than 3 cents to $3.08 per gallon, the Midwest price rose nearly 3 cents to $3.26 per gallon, and the East Coast price increased nearly 2 cents to $3.31 per gallon.
Inventories for Propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 0.5 million barrels last week to 58.0 million barrels as of July 2, 2021, 12.8 million barrels (18.1%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Midwest and Rocky Mountain/West Coast inventories increased by 0.5 million barrels and 0.2 million barrels, respectively. Gulf Coast and East Coast inventories each decreased by 0.1 million barrels.
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