Brent oil prices increased by 1.64% or US$1.27, as prices increased this week relative to the prior week. Oil traded on September 30, 2021 at a price of US$78.52 per barrel relative to US$77.25 on September 23, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices decreased this week by 1.20% (JMD$1.80). Additionally, 90 Octane decreased by 1.28% or (JMD$2.00) 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$148.48 and J$153.91 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 September 27, 2021, it was noted that, “The U.S. average regular gasoline retail price decreased nearly 1 cent to remaining virtually unchanged at $3.18 per gallon on September 27, $1.01 higher than a year ago.” The Midwest price decreased nearly 3 cents to $3.04 per gallon, the Rocky Mountain price decreased more than 2 cents to $3.58 per gallon, the West Coast price decreased 1 cent to $3.92 per gallon, and the East Coast price decreased nearly 1 cent to $3.08 per gallon. The Gulf Coast price increased more than 3 cents to $2.84 per gallon.
The average diesel fuel price increased more than 2 cents to $3.37 per gallon on September 27, $1.01 cents higher than a year ago. The Midwest price increased nearly 4 cents to $3.33 per gallon, the Gulf Coast price increased more than 2 cents to $3.14 per gallon, the East Coast price increased nearly 2 cents to $3.37 per gallon, and the West Coast price increased nearly 1 cent, remaining virtually unchanged at $4.03 per gallon. The Rocky Mountain price decreased more than 2 cents to $3.61 per gallon.
Inventories for Propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 2.6 million barrels last week to 72.9 million barrels as of September 24, 2021, 17.2 million barrels (19.1%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Gulf Coast, East Coast, and Midwest inventories increased by 1.4 million barrels, 0.9 million barrels, and 0.4 million barrels, respectively. Rocky Mountain/West Coast inventories decreased by 0.1 million barrels.
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