Brent Oil

Brent oil prices decreased by 1.80% or US$1.01, as prices decreased this week relative to the prior week. Oil traded on January 28, 2021 at a price of US$55.09 per barrel relative to US$56.10 on January 21, 2020. Brent oil opened 2021 year at US$54.52 per barrel.

Petrojam prices

87 Octane prices increased this week by 1.09% (JMD$1.26). Additionally, 90 Octane increased by 1.06% or (JMD$1.26) 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$117.19 and J$120.03 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 January 25, 2021, it was noted that, “the U.S. average regular gasoline retail price increased more than 1 cent, to $2.39 per gallon on January 25, 11 cents lower than the same time last year.” The East Coast, West Coast, and Rocky Mountain prices each increased greater than 2 cents to $2.37 per gallon, $2.93 per gallon, and $2.26 per gallon, respectively. The Midwest price was unchanged at $2.28 per gallon, and the Gulf Coast price declined 1 cent to $2.10 per gallon.

The average diesel fuel price in the U.S. rose by 2 cents to $2.72 per gallon as at last week, and 29 cents lower when compared to the same period last year. The Midwest, Gulf Coast, and West Coast prices each rose more than 2 cents to $2.66 per gallon, $2.48 per gallon, and $3.18 per gallon, respectively, the East Coast price increased almost by 2 cents to $2.76 per gallon, and the Rocky Mountain price went up 1 cent to $2.61 per gallon.

Inventories for Propane/propylene decreases

There was a decrease in U.S. propane/propylene stocks last week by 2.2 million barrels to 57.6 million barrels as of January 22, 2021. This was 5.5 million barrels (8.7%) less than the five-year (2016-2020) average inventory levels same time last year.

Additionally, Midwest, Gulf Coast, and Rocky Mountain/West Coast inventories went down by 1.5 million barrels, 0.8 million barrels, and 0.4 million barrels, respectively. East Coast inventories went up by 0.6 million barrels.

For additional information click the link below:

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

Disclaimer:

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.