Brent Oil

Brent oil prices increased by 5.25% or US$2.72, as prices rose this week relative to the prior week. Oil traded on January 07, 2021 at a price of US$54.52 per barrel relative to US$51.80 on December 31, 2020. Brent oil opened 2021 year at US$54.52 per barrel.

Petrojam prices

87 Octane prices increased this week by 1.49% (JMD$1.64). Additionally, 90 Octane increased by 1.45% or (JMD$1.64) this week. 87 Octane and 90 Octane opened the year 2021 at J$112.05 and J$114.89 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 January 04, 2020, it was noted that, “the U.S. average regular gasoline retail price increased nearly 1 cent, to $2.25 per gallon on January 04, 33 cents lower than the same time last year.” The East Coast price increased greater than 2 cents to $2.22 per gallon, the Gulf Coast price remained at $1.93 per gallon as at last week. The Midwest price decreased less than 2 cents to $2.15 per gallon and the West Coast price increased almost by 2 cents to $2.81 per gallon. Meanwhile the Rocky Mountain price decreased by less than 1 cent but remained virtually unchanged at $2.19 per gallon.

The average diesel fuel price in the U.S. rose by nearly 1 cent but remained at $2.64 per gallon as at last week, and 44 cents lower when compared to the same period last year. The Gulf Coast price climbed nearly 1 cent to $2.40 per gallon, East Coast price rose almost by 1 cent to $2.67 per gallon and Midwest price increased less than 1 cent but remained seemingly unchanged at $2.59 per gallon. The Rocky Mountain price declined almost by 1 cent but remained at $2.59 per gallon and West Coast prices increased less than 1 cent to $3.12 per gallon.

Inventories for Propane/propylene decreases

There was a decrease in U.S. propane/propylene stocks last week by 2.4 million barrels to 72.8 million barrels as of January 01, 2020. This was 2.0 million barrels (2.7%) higher than the five-year (2016-2020) average inventory levels same time last year.

Additionally, Gulf Coast and Midwest, and Rocky Mountain/West Coast inventories decreased by 1.5 million barrels, 1.1 million barrels, 0.4 million barrels, respectively. East Coast inventories rose by 0.6 million barrels.

For additional information click the link below:

https://www.eia.gov/petroleum/weekly/

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