Brent oil prices decreased by 15.26% or US$12.55 relative to the prior week. Oil traded on December 2, 2021, at US$69.67 per barrel relative to US$82.22 on November 25, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices decreased this week by 0.16% (JMD$0.25). Additionally, 90 Octane decreased by 0.15% (JMD$0.25) 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$159.44 and J$164.88 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 November 29, 2021, it was noted that, “the U.S. average regular gasoline retail price decreased almost 2 cents to $3.38 per gallon on November 29, $1.26 higher than a year ago.” The West Coast price grew almost 1 cent to $4.20 per gallon, the East Coast price reduced by almost 2 cents, to $3.34 per gallon, and the Gulf Coast price fell nearly 3 cents to $3.00 per gallon. The Midwest price fell nearly 3 cents to $3.17 per gallon, and the Rocky Mountain price fell more than 2 cents $3.50 per gallon.
The average diesel fuel price fell below 1 cent to $3.72 per gallon on November 29, $1.26 higher than a year ago. The East Coast price fell almost 1 cent to $3.68 per gallon, the Rocky Mountain price fell almost 2 cents to $3.82 per gallon, West Coast price grew almost 3 cents to $4.45 per gallon, the Midwest price fell almost 2 cents to $3.60 per gallon, and the Gulf Coast price fell below 1 cent to $3.45 per gallon.
Inventories for propane/propylene decline
There was a fall in U.S. propane/propylene stocks last week by 1 million barrels to 72.7 million barrels as of November 26, 2021, 11.4 million barrels (13.5%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Gulf Coast/Midwest inventories fell 0.4 million barrels. Rocky Mountain/West Coast inventories grew slightly, remaining virtually unchanged. East Coast inventories fell by 0.2 million barrels.
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