Brent oil prices increased by 3.00% or US$2.19, as prices increased this week relative to the prior week. Oil traded on June 24, 2021 at a price of US$75.27 per barrel relative to US$73.08 on June 17, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 0.55% (JMD$0.82). Additionally, 90 Octane increased by 0.16% or (JMD$0.25) 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$150.55 and J$155.73 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 decreases and diesel prices increases
On June 21, 2021, it was noted that, “the U.S. average regular gasoline retail price decreased nearly 1 cent to $3.06 per gallon on June 21, 93 cent higher than the same time last year.” The Gulf Coast price declined nearly 3 cents to $2.73 per gallon, the Midwest price declined more than 2 cents to $2.96 per gallon, the East Coast price fell less than 1 cent but was unchanged at $2.96 per gallon, the Rocky Mountain price increased more than 5 cents to $3.27 per gallon, and the West Coast price rose nearly 1 cent but remained at $3.76 per gallon.
The average diesel fuel price increased less than 1 cent however remained unchanged at $3.29 per gallon on June 21, 86 cents higher than a year ago. The Rocky Mountain price rose more than 1 cent to $3.39 per gallon, the West Coast price increased almost by 1 cent to $3.81 per gallon, and the Gulf Coast climbed less than 1 cent, remaining virtually unchanged. The Midwest price fell less than 1 cent, remaining virtually unchanged at $3.23 per gallon. The East Coast price remained unchanged at $3.28 per gallon.
Inventories for Propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 1.0 million barrels last week to 56.2 million barrels as of June 18, 2021, 8.4 million barrels (15.4%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Midwest, East Coast, and Gulf Coast inventories rose by 0.6 million barrels, 0.3 million barrels, and 0.2 million barrels, respectively. Rocky Mountain/West Coast inventories decreased slightly, remaining virtually unchanged.
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