Brent oil prices increased by 6.68% or US$4.35, as prices increased this week relative to the prior week. Oil traded on May 27, 2021 at a price of US$69.46 per barrel relative to US$65.11 on May 20, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices decreased this week by 2.10% (JMD$3.06). Additionally, 90 Octane decreased by 1.56% or (JMD$-2.35) 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$142.90 and J$148.64 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 decreases and diesel prices increases
On May 24, 2021, it was noted that, “the U.S. average regular gasoline retail price decreased nearly 1 cent to $3.02 per gallon on May 24, $1.06 higher than the same time last year.” The Gulf Coast price decreased nearly 3 cents to $2.75 per gallon, the Midwest price decreased nearly 2 cents to $2.90 per gallon, and the East Coast price decreased nearly 1 cent to $2.93 per gallon. The West Coast price increased more than 2 cents to $3.70 per gallon, and Rocky Mountain price increased nearly 2 cents to $3.15 per gallon.
The average diesel fuel price increased less than 1 cent remaining unchanged at $3.25 per gallon on May 24, 86 cents higher than a year ago. The West Coast price increased nearly 2 cents to $3.75 per gallon, the East Coast price increased nearly 1 cent to $3.24 per gallon, and the Midwest and Rocky Mountain prices each increased less than 1 cent, remaining virtually unchanged at $3.20 per gallon and $3.36 per gallon, respectively. The Gulf Coast price was unchanged at $3.03 per gallon.
Inventories for Propane/propylene rise
There was a decrease in U.S. propane/propylene stocks last week by 0.4 million barrels last week to 44.1 million barrels as of May 21, 2021, 12.0 million barrels (21.5%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Gulf Coast and East Coast inventories decreased by 0.6 million barrels and 0.2 million barrels, respectively. Midwest and Rocky Mountain/West Coast inventories increased by 0.3 million barrels and 0.1 million barrels, respectively.
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