Gas Price Movement October 28, 2021

Brent Oil

Brent oil prices decreased by 3.06% or US$2.63, as prices decreased this week relative to the prior week. Oil traded on October 28, 2021 at a price of US$83.19 per barrel relative to US$85.82 on October 21, 2021. Brent oil opened 2021 year at US$54.52 per barrel.

Petrojam prices

87 Octane prices increased this week by 1.94% (JMD$3.06). Additionally, 90 Octane increased by 1.88% 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$160.68 and J$166.11 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 October 25, 2021, it was noted that “The U.S. average regular gasoline retail price increased more than 6 cents to $3.38 per gallon on October 25, $1.24 higher than a year ago.” The East Coast price rose almost by 10 cents to $3.34 per gallon, the Gulf Coast price went up almost by 8 cents to $3.06 per gallon, the West Coast price increased almost by 6 cents to $4.07 per gallon, and the Midwest price rose nearly 2 cents to $3.22 per gallon. The Rocky Mountain price decreased nearly 1 cent to $3.56 per gallon.

The average diesel fuel price increased more than 4 cents to $3.71 per gallon on October 25, $1.33 cents higher than a year ago. The Gulf Coast price went up more than 6 cents to $3.48 per gallon, the West Coast price rose more than 5 cents to $4.28 per gallon, the East Coast and Rocky Mountain prices each climbed nearly 5 cents to $3.70 per gallon and $3.78 per gallon, respectively, and the Midwest price went up nearly 2 cents to $3.63 per gallon.

Inventories for Propane/propylene rise

There was an increase in U.S. propane/propylene stocks last week by 2.0 million barrels last week to 75.7 million barrels as of October 22, 2021, 13.5 million barrels (15.2%) less than the five-year (2016-2020) average inventory levels for this same time of year.

Additionally, Gulf Coast, East Coast, and Rocky Mountain/West Coast inventories each increased by 1.2 million barrels, 0.7 million barrels, and 0.1 million barrels, and Midwest inventories increased slightly, remaining virtually unchanged.

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