Brent oil prices increased by 5.09% or US$3.64, as prices increased this week relative to the prior week. Oil traded on September 16, 2021 at a price of US$75.09 per barrel relative to US$73.03 on September 9, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices decreased this week by 0.94% (JMD$1.45). Additionally, 90 Octane decreased by 1.04% or (JMD$1.66) 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$152.2928 and J$158.22 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 decreases
On September 13, 2021, it was noted that, “The U.S. average regular gasoline retail price decreased more than 1 cent to $3.17 per gallon on September 13, 98 cents higher than the same time last year.” The Gulf Coast price decreased greater than 1 cent to $2.81 per gallon, the Rocky Mountain price decreased greater than 2 cents to $3.63 per gallon, the West Coast price increased less than 1 cent to $3.94 per gallon, and the East Coast price decreased 1 to $3.06 per gallon. The Midwest price decreased almost by 2 cents to $3.03 per gallon.
The average diesel fuel price decreased almost by 1 cent but remain virtually unchanged at $3.37 per gallon on September 13, 95 cents higher than a year ago. The Rocky Mountain price decreased nearly 1 cent to $3.64 per gallon, the Gulf Cost price decreased nearly 1 cent, remaining virtually unchanged at $3.10 per gallon, and the West Coast and Midwest prices each decreased less than 1 cent, remaining virtually unchanged at $4.02 per gallon, and $3.28 per gallon, respectively. The East Coast price increased nearly 1 cent to $3.34 per gallon.
Inventories for Propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 0.7 million barrels last week to 70.8 million barrels as of September 10, 2021, 17.7 million barrels (20.0%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Midwest and Rocky Mountain/West Coast inventories increased by 0.9 million barrels and 0.3 million barrels, respectively. Gulf Coast and East Coast inventories decreased by 0.3 million barrels and 0.1 million barrels, respectively.
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