Brent oil prices decreased by 1.01% or US$0.64, as prices decreased this week relative to the prior week. Oil traded on March 25, 2021 at a price of US$62.64 per barrel relative to US$63.28 on March 18, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices decreased this week by 2.21% (JMD$3.06). Additionally, 90 Octane increased by 2.17% or (JMD$3.06) 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$135.44 and J$138.28 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 increase
On March 22, 2021, it was noted that, “the U.S. average regular gasoline retail price increased more than 1 cent, to $2.87 per gallon on March 22, 61 cents higher than the same time last year.” The Rocky Mountain price increased almost by 10 cents to $2.94 per gallon, the Gulf Coast price rose nearly 2 cents to $2.62 per gallon, the West Coast price increased nearly by 4 cents to $3.47 per gallon, the East Coast price increased 2 cents to $2.81 per gallon, and the Midwest price decreased over 2 cents to $2.74 per gallon.
The average diesel fuel price in the U.S. rose almost by 1 cent but remained relatively unchanged at $3.19 per gallon as at last week, and 54 cents higher when compared to the same period last year. The Rocky Mountain price increased greater than 4 cents to $3.32 per gallon, the Gulf Coast price increased almost by 1 cent but remained at $2.99 per gallon, the Midwest price decreased 2 cents to $3.15 per gallon, the West Coast price increased almost by 4 cents to $3.68 per gallon, and the East Coast price increased less than 1 cent but remained at $3.15 per gallon.
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 0.2 million barrels to 41.3 million barrels as of March 19, 2021. This was 6.2 million barrels (13.1%) less than the five-year (2016-2020) average inventory levels same time last year.
Additionally, Midwest and East Coast inventories increased by 0.6 million barrels and 0.1 million barrels, respectively. Gulf Coast and Rocky Mountain/West Coast inventories decreased by 0.4 million barrels and 0.1 million barrels, respectively.
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