Brent oil prices decreased by 3.23% or US$2.16, as prices decreased this week relative to the prior week. Oil traded on March 04, 2021 at a price of US$64.72 per barrel relative to US$66.88 on February 25, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 2.26% (JMD$2.94). Additionally, 90 Octane increased by 2.21% or (JMD$2.94) 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$133.06 and J$135.90 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 March 01, 2021, it was noted that, “the U.S. average regular gasoline retail price increased nearly 8 cents, to $2.71 per gallon on March 1, 29 cents higher than the same time last year.” The Rocky Mountain and West Coast prices each rose nearly 13 cents to $2.57 per gallon and $3.28 per gallon, respectively, the Midwest price increased 10 cents to $2.66 per gallon, the Gulf Coast price climbed 7 cents to $2.41 per gallon, and the East Coast price increased nearly 5 cents to $2.65 per gallon.
The average diesel fuel price in the U.S. rose nearly 10 cents to $3.07 per gallon as at last week, and 22 cents higher when compared to the same period last year. The Rocky Mountain price increased nearly 13 cents to $2.98 per gallon, the Gulf Coast price rose nearly 12 cents to $2.84 per gallon, the West Coast price climbed nearly 11 cents to $3.54 per gallon, the Midwest price rose almost 10 cents to $3.04 per gallon, and the East Coast price rose more than 8 cents to $3.08 per gallon.
Inventories for Propane/propylene decreases
There was a decrease in U.S. propane/propylene stocks last week by 2.2 million barrels to 41.2 million barrels as of February 26, 2021. This was 8.7 million barrels (17.4%) less than the five-year (2016-2020) average inventory levels same time last year.
Additionally, Gulf Coast, Midwest, Rocky Mountain/West Coast, and East Coast inventories declined by 1.0 million barrels, 0.8 million barrels, 0.4 million barrels, and 0.1 million barrels, respectively.
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