Brent Oil
Brent oil prices increased by 4.70% or US$3.97 relative to the prior week. Oil traded on January 20, 2022, at US$88.44 per barrel relative to US$84.47 on January 13, 2021. Brent oil opened 2022 year at US$78.98 per barrel.
Petrojam prices
87 Octane prices increased by 1.84% (JMD$3.060) and 90 Octane increase by 1.78% (JMD$3.060) this week. 87 Octane and 90 Octane opened the year 2022 at J$167.423 and J$172.88 respectively and now trades at J$169.18 and J$174.65 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 increase and diesel prices decrease
On January 17, 2022, it was noted that, “the U.S. average regular gasoline retail price increased more than 1 cent, to $3.31 per gallon on January 17, 93 cents higher than a year ago.” The Gulf Coast price rose nearly 4 cents to $2.96 per gallon, the West Coast price rose less than 1 cent, remaining virtually unchanged at $4.16 per gallon, and the Midwest price decreased less than 1 cent, remaining virtually unchanged at $3.11 per gallon. The Rocky Mountain price fell nearly 2 cents to $3.33 per gallon, and the East Coast price rose more than 1 cent to $3.24 per gallon
The average diesel fuel price increased nearly 7 cents to $3.73 per gallon on January 17, $1.03 cents higher than a year ago. The Rocky Mountain price rose more than 1 cent to $3.68 per gallon., and the Midwest price rose more than 8 cents to $3.60 per gallon, the East Coast price rose more than 7 cents to $3.72 per gallon, the Gulf Coast price rose nearly 8 cents to $3.46 per gallon and the West Coast price rose more than 3 cents to $4.45 per gallon.
Inventories for propane/propylene decline
There was a decrease in U.S. propane/propylene stocks last week by 3.7 million barrels to 58.7 million barrels as of January 14, 2022, 4.1 million barrels (6.5%) less than the five-year (2017-2021) average inventory levels for this same time of year.
Additionally, Gulf Coast, Midwest, East Coast, and Rocky Mountain/West Coast inventories decreased by 1.7 million barrels, 1.4 million barrels, 0.4 million barrels, and 0.2 million barrels, respectively.
For additional information click the link below:
https://www.eia.gov/petroleum/wekly/
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