Brent oil prices increased by 2.44% or US$1.83 relative to the prior week. Oil traded on December 23, 2021, at US$76.85 per barrel relative to US$75.02 on December 16, 2021. Brent oil opened 2021 year at US$54.52 per barrel.
87 Octane prices decreased this week by -0.15% (JMD$2.06). Additionally, 90 Octane increased by -0.15% (JMD$2.060) 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$157.63 and J$163.08 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 20, 2021, it was noted that, “the U.S. average regular gasoline retail price decreased 2 cents to $3.30 per gallon on December 20, $1.07 higher than a year ago.” The Midwest price declined more than 3 cents to $3.05 per gallon, the Rocky Mountain price declined more than 2 cents to $3.41 per gallon, the East Coast and West Coast prices each declined nearly 2 cents to $3.26 per gallon and $4.15 per gallon, respectively, and the Gulf Coast price decreased less than 1 cent, remaining virtually unchanged at $2.94 per gallon.
The average diesel fuel price declined more than 2 cents to $3.63 per gallon on December 20, $1.01 higher than a year ago. The Gulf Coast price fell more than 3 cents to $3.34 per gallon, the Rocky Mountain price decreased nearly 3 cents to $3.73 per gallon, the East Coast price decreased more than 2 cents to $3.61 per gallon, the Midwest price decreased 2 cents to $3.49 per gallon, and the West Coast price decreased nearly 2 cents to $4.38 per gallon.
Inventories for propane/propylene decline
There was a decrease in U.S. propane/propylene stocks last week by 0.8 million barrels to 70.9 million barrels as of December 17, 2021, 5.9 million barrels (7.8%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Midwest and East Coast inventories each decreased by 0.5 million barrels, and Rocky Mountain/West Coast inventories decreased by 0.1 million barrels. Gulf Coast inventories increased by 0.2 million barrels.
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