Brent oil prices decreased by 2.11% or US$1.44, as prices decreased this week relative to the prior week. Oil traded on May 13, 2021 at a price of US$66.65 per barrel relative to US$68.09 on May 06, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 1.52% (JMD$2.21). Additionally, 90 Octane increased by 2.07% 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$147.55 and J$151.24 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 10, 2021, it was noted that, “the U.S. average regular gasoline retail price increased more than 7 cents to $2.96 per gallon on May 10, $1.11 higher than the same time last year.” The West Coast price rose by almost 5 cents to $3.65 per gallon, the Rocky Mountains price increased greater than 4 cents to $3.06 per gallon, the East Coast price rose nearly 9 cents to $2.86 per gallon, and the Midwest price climbed close to 6 cents to $2.87 per gallon. The Gulf Coast price increased more than 8 cents to $2.67 per gallon.
The average diesel fuel price increased more than 4 cents to $3.19 per gallon on May 10, 79 cents higher than a year ago. The Midwest price rose nearly 5 cents to $3.13 per gallon, the Rocky Mountains price rose close to 6 cents to $3.31 per gallon, the East Coast price climbed almost 5 cents to $3.16 per gallon, the West Coast price increased less than 3 cents to $3.69 per gallon, and the Gulf Coast price increased more than 4 cents to $2.97 per gallon.
Inventories for Propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 2.5 million barrels last week to 44.0 million barrels as of May 7, 2021, 9.1 million barrels (17.1%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Gulf Coast, Midwest, and Rocky Mountain/West Coast inventories increased by 2.0 million, 0.6 million, and 0.2 million barrels, respectively. East Coast inventories decreased by 0.3 million barrels.
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