Brent oil prices increased by 3.15% or US$2.24, as prices increased this week relative to the prior week. Oil traded on September 2, 2021 at a price of US$73.31 per barrel relative to US$71.07 on August 26, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 1.72% (JMD$2.63). Additionally, 90 Octane increased by 0.95% or (JMD$1.52) 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$155.31 and J$160.96 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 price decreases and diesel prices increases
On August 30, 2021, it was noted that, “The U.S. average regular gasoline retail price decreased nearly 1 cent to $3.14 per gallon on August 30, 0.92 cents higher than the same time last year.” The Gulf Coast price decreased nearly 3 cents to $2.77 per gallon, the Rocky Mountain price decreased nearly 2 cents to $3.65 per gallon, the West Coast price decreased 1 cent to $3.94 per gallon, and the East Coast price decreased less than 1 cent, remaining virtually unchanged at $3.02 per gallon. The Midwest price increased less than 1 cent, remaining virtually unchanged at $3.00 per gallon.
The average diesel fuel price increased almost by 2 cents to $3.34 per gallon on August 30, 90 cents higher than a year ago. The Midwest price increased nearly 3 cents to $3.24 per gallon, the Gulf Coast price increased more than 2 cents to $3.06 per gallon, and the East Coast and West Coast prices each increased nearly 1 cent to $3.31 per gallon and $4.00 per gallon, respectively. The Rocky Mountain price decreased more than 1 cent to $3.63 per gallon.
Inventories for Propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 0.5 million barrels last week to 69.3 million barrels as of August 27, 2021, 17.1 million barrels (19.8%) 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 1.1 million barrels and 0.1 million barrels, respectively. Gulf Coast inventories decreased by 0.5 million barrels, and East Coast inventories decreased slightly, remaining virtually unchanged.
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