Brent oil prices increased by 1.70% or US$1.21, as prices increased this week relative to the prior week. Oil traded on June 10, 2021 at a price of US$72.52 per barrel relative to US$71.31 on June 3, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 2.12% (JMD$3.06). Additionally, 90 Octane increased by 2.03% 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$147.73 and J$153.45 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 7, 2021, it was noted that, “the U.S. average regular gasoline retail price decreased nearly 1 cent to $3.04 per gallon on May 31, $1.00 higher than the same time last year.” The Rocky Mountain price rose nearly 4 cents to $3.19 per gallon, the West Coast price climbed more than 2 cents to $3.75 per gallon, the Midwest price rose 2 cents to $2.95 per gallon, and the East Coast price rose less than 1 cent, remaining virtually unchanged at $2.93 per gallon. The Gulf Coast price decreased more than 1 cent to $2.71 per gallon.
The average diesel fuel price increased nearly 2 cents t0 $3.27 per gallon on June 7, 88 cents higher than a year ago. The Midwest price rose nearly 3 cents to $3.22 per gallon, the West Coast price climbed more than 2 cents to $3.79 per gallon, the East Coast price increased 2 cents to $3.26 per gallon, the Rocky Mountain price increased nearly 1 cent to $3.39 per gallon, and the Gulf Coast price increased nearly 1 cent, remaining virtually unchanged at $3.03 per gallon.
Inventories for Propane/propylene rise
There was a increase in U.S. propane/propylene stocks last week by 5.5 million barrels last week to 53.7 million barrels as of June 4, 2021, 7.5 million barrels (12.2%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Gulf Coast inventories increased by 3.9 million barrels, Midwest inventories increased by1.4 million barrels, Rocky Mountain/West Coast inventories increased by 0.1 million barrels, and East Coast inventories increased slightly, remaining virtually unchanged.
For additional information click the link below:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.