Brent oil prices increased by 0.77% or US$0.56, as prices increased this week relative to the prior week. Oil traded on June 17, 2021 at a price of US$73.08 per barrel relative to US$72.52 on June 10, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 1.35% (JMD$2.00). Additionally, 90 Octane increased by 1.32% or (JMD$2.03) 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$149.73 and J$155.48 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 14, 2021, it was noted that, “the U.S. average regular gasoline retail price increased more than 3 cents to $3.07 per gallon on June 14, 97 cent higher than the same time last year.” The Gulf Coast price rose nearly 5 cents to $2.75 per gallon, the Midwest price rose nearly 4 cents to $2.99 per gallon, the East Coast price rose more than 3 cents to $2.96 per gallon, the Rocky Mountain price increased more than 2 cents to $3.22 per gallon, and the West Coast price rose nearly 1 cent to $3.76 per gallon.
The average diesel fuel price increased more than 1 cents to $3.29 per gallon on June 14, 88 cents higher than a year ago. The East Coast and West Coast prices each climbed nearly 2 cents to $3.28 per gallon and $3.80 per gallon, respectively, the Midwest price rose more than 1 cent to $3.23 per gallon, and the Gulf Coast price rose nearly 1 cent to $3.04 per gallon. The Rocky Mountain price decreased less than 1 cent to $3.38 per gallon.
Inventories for Propane/propylene rise
There was a increase in U.S. propane/propylene stocks last week by 1.5 million barrels last week to 55.2 million barrels as of June 11, 2021, 8.4 million barrels (13.2%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Midwest and East Coast inventories increased by 1.1 million barrels and 0.7 million barrels, respectively. Gulf Coast and Rocky Mountain/West Coast inventories decreased by 0.2 million barrels and 0.1 million barrels, respectively.
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