Brent oil prices increased by 2.65% or US$1.84, as prices increased this week relative to the prior week. Oil traded on June 3, 2021 at a price of US$71.30 per barrel relative to US$69.46 on May 27, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 1.24% (JMD$1.77). Additionally, 90 Octane increased by 1.18% or (JMD$1.75) 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$144.67 and J$150.39 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 May 31, 2021, it was noted that, “the U.S. average regular gasoline retail price decreased nearly 1 cent to $3.03 per gallon on May 31, $1.05 higher than the same time last year.” The Midwest price rose nearly 4 cents to $2.93 per gallon, the West Coast price climed nearly 3 cents to $3.72 per gallon, and the Rocky Mountain price increased more than 1 cent to $3.16 per gallon. The Gulf Coast price fell more than 3 cents to $2.72 per gallon, and the East Coast price decreased nearly 1 cent, remaining virtually unchanged at $2.93 per gallon.
The average diesel fuel price increased less than 1 cent t0 $3.26 per gallon on May 31, 87 cents higher than a year ago. The Rocky Mountain price increased nearly 2 cents to $3.38 per gallon, the West Coast price increased more than 1 cent to $3.76 per gallon, and the East Coast price increased less than 1 cent, remaining virtually unchanged at $3.24 per gallon. The Midwest and Gulf Coast prices each decreased less than 1 cent, remaining virtually unchanged at $3.20 per gallon and $3.03 per gallon, respectively.
Inventories for Propane/propylene rise
There was a increase in U.S. propane/propylene stocks last week by 4.1 million barrels last week to 48.2 million barrels as of May 28, 2021, 11.1 million barrels (18.7%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Gulf Coast, East Coast, Midwest, and Rocky Mountain/West Coast inventories increased by 2.1 million barrels, 1.2 million barrels, 0.7 million barrels, and 0.1 million barrels, respectively.
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