Brent oil prices increased by 0.77% or US$0.57 relative to the prior week. Oil traded on December 16, 2021, at US$74.99 per barrel relative to US$74.42 on December 2, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices increased this week by 1.92% (JMD$3.06). Additionally, 90 Octane increased by 1.86% (JMD$3.060) 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$162.25 and J$167.70 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 decrease
On December 13, 2021, it was noted that, “the U.S. average regular gasoline retail price decreased almost 3 cents to $3.32 per gallon on December 13, $1.16 higher than a year ago.” The West Coast price decreased more than 2 cents to $4.16 per gallon, the East Coast price reduced by more than 2 cents, to $3.28 per gallon, and the Gulf Coast price fell more than 5 cents to $2.94 per gallon. The Midwest price fell more than 2 cents to $3.08 per gallon, and the Rocky Mountain price fell nearly 4 cents $3.43 per gallon.
The average diesel fuel price fell nearly 3 cents to $3.65 per gallon on December 13, $1.09 higher than a year ago. The East Coast price fell almost 3 cents to $3.63 per gallon, the Rocky Mountain price fell more than 2 cents to $3.76 per gallon, West Coast price decreased nearly 2 cents to $4.40 per gallon, the Midwest price fell more than 2 cents to $3.51 per gallon, and the Gulf Coast price fell 3 cents to $3.37 per gallon.
Inventories for propane/propylene decline
There was a decrease in U.S. propane/propylene stocks last week by 2.4 million barrels to 70.9 million barrels as of December 10, 2021, 8.1 million barrels (10.2%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Gulf Coast inventories fell 1.3 million barrels. Rocky Mountain and West Coast inventories decreased 0.1 million barrels. East Coast inventories fell 0.5 million barrels. Midwest inventories fell 0.4 million barrels.
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