Gas Price Movement – June 10, 2021

Brent Oil

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.

Petrojam prices

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.

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