Gas Price Movement December 30, 2021

Brent Oil

Brent oil prices increased by 3.93% or US$3.02 relative to the prior week. Oil traded on December 30, 2021, at US$79.87 per barrel relative to US$76.85 on December 23, 2021. Brent oil opened 2021 year at US$54.52 per barrel.

Petrojam prices

87 Octane prices remain unchanged. Additionally, 90 Octane increased by 1.79% (JMD$3.00) 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$162.00 and J$170.45 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 27, 2021, it was noted that, “the U.S. average regular gasoline retail price decreased 2 cents to $3.28 per gallon on December 27, $1.03 higher than a year ago.” The Midwest price declined nearly 2 cents to $3.03 per gallon, the Rocky Mountain price declined more than 2 cents to $3.39 per gallon, West Coast prices declined nearly to cents to 3.03, the East Coast price  declined more than 1 cents to $3.24 per gallon and the Gulf Coast price decreased more than 3 cents to $2.91.

The average diesel fuel price declined more than 1 cent to $3.62 per gallon on December 27, $1.01 higher than a year ago. The Gulf Coast price fell nearly 1 cent to $3.33 per gallon, the Rocky Mountain price decreased nearly 3 cents to $3.70 per gallon, the East Coast price decreased nearly 1 cent to $3.60 per gallon, the Midwest price decreased more than 1 cent to $3.48 per gallon, and the West Coast price decreased 1 cent to $4.37 per gallon.

Inventories for propane/propylene decline

There was a decrease in U.S. propane/propylene stocks last week by 3.6 million barrels to 66.5 million barrels as of December 24, 2021, 7.1 million barrels (9.7%) less than the five-year (2016-2020) average inventory levels for this same time of year.

Additionally, Midwest inventories decreased by 0.4 million barrels, East and Rocky Mountain/West Coast inventories each decreased by 0.2 million barrels and Gulf Coast inventories decreased by 2.8 million barrels.

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