Brent oil prices decreased by 9.58% or US$6.67, as prices decreased this week relative to the prior week. Oil traded on March 18, 2021 at a price of US$62.96 per barrel relative to US$69.63 on March 11, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 2.17% (JMD$2.94). Additionally, 90 Octane increased by 2.12% 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$138.50 and J$141.34 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 15, 2021, it was noted that, “the U.S. average regular gasoline retail price increased more than 8 cents, to $2.85 per gallon on March 11, 61 cents higher than the same time last year.” The Rocky Mountain price rose more than 13 cents to $2.84 per gallon, the Gulf Coast price rose 11 cents to $2.61 per gallon, the West Coast price climbed nearly by 9 cents to $3.43 per gallon, the East Coast price surged more than 8 cents to $2.79 per gallon, and the Midwest price rose close to 6 cents to $2.76 per gallon.
The average diesel fuel price in the U.S. rose almost by 5 cents to $3.19 per gallon as at last week, and 46 cents higher when compared to the same period last year. The Rocky Mountain price increased nearly 15 cents to $3.28 per gallon, the Gulf Coast price increased almost by 6 cents to $2.99 per gallon, the Midwest price increased more than 4 cents to $3.17 per gallon, the West Coast price increased almost by 5 cents to $3.64 per gallon, and the East Coast price rose more than 3 cents to $3.15 per gallon.
Inventories for Propane/propylene decreases
There was a decrease in U.S. propane/propylene stocks last week by 0.2 million barrels to 41.0 million barrels as of March 12, 2021. This was 7.2 million barrels (14.9%) less than the five-year (2016-2020) average inventory levels same time last year.
Additionally, East Coast and Midwest inventories declined by 0.4 million barrels and 0.2 million barrels, respectively, and Rocky Mountain/West Coast inventories declined slightly, remaining relatively unchanged. Gulf Coast inventories rose by 0.5 million barrels.
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