Brent oil prices decreased by 0.44% or US$0.30, as prices decreased this week relative to the prior week. Oil traded on May 6, 2021 at a price of US$68.26 per barrel relative to US$68.56 on April 29, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 2.15% (JMD$3.06). Additionally, 90 Octane increased by 2.11% 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$145.34 and J$148.18 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 3, 2021, it was noted that, “the U.S. average regular gasoline retail price increased nearly 2 cents to $2.89 per gallon on May 3, $1.10 higher than the same time last year.” The West Coast price rose by almost 5 cents to $3.60 per gallon, the Rocky Mountains price increased almost by 3 cents to $3.02 per gallon, the East Coast price rose nearly 2 cents to $2.78 per gallon, and the Midwest price climbed more than 1 cent to $2.81 per gallon. The Gulf Coast price decreased less than 1 cent to $2.58 per gallon.
The average diesel fuel price increased almost by 2 cents to $3.14 per gallon on May 3, 74 cents higher than a year ago. The Midwest price rose nearly 3 cents to $3.09 per gallon, the Rocky Mountains price rose more than 2 cents to $3.25 per gallon, the East Coast price climbed 2 cents to $3.11 per gallon, the West Coast price increased more than 1 cent to $3.66 per gallon, and the Gulf Coast price increased nearly 1 cent to $2.92 per gallon.
Inventories for Propane/propylene rise
There was a increase in U.S. propane/propylene stocks last week by 0.5 million barrels last week to 41.5 million barrels as of April 30, 2021, 9.9 million barrels (19.3%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, East Coast and Midwest inventories each increased by 0.3 million barrels. Gulf Coast inventories decreased by 0.1 million barrels, and Rocky Mountain/West Coast inventories decreased slightly, remaining virtually unchanged.
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