Brent oil prices increased by 6.82% or US$4.75 relative to the prior week. Oil traded on December 9, 2021, at US$74.82 per barrel relative to US$69.67 on December 2, 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$159.19 and J$164.64 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 6, 2021, it was noted that, “the U.S. average regular gasoline retail price decreased almost 4 cents to $3.34 per gallon on December 6, $1.19 higher than a year ago.” The West Coast price decreased almost 2 cents to $4.18 per gallon, the East Coast price reduced by more than 4 cents, to $3.30 per gallon, and the Gulf Coast price fell more than 1 cent to $2.99 per gallon. The Midwest price fell more than 6 cents to $3.11 per gallon, and the Rocky Mountain price fell more than 3 cents $3.47 per gallon.
The average diesel fuel price fell nearly 5 cents to $3.67 per gallon on December 6, $1.15 higher than a year ago. The East Coast price fell almost 3 cents to $3.66 per gallon, the Rocky Mountain price fell more than 4 cents to $3.78 per gallon, West Coast price decreased more than 3 cents to $4.42 per gallon, the Midwest price fell almost 7 cents to $3.54 per gallon, and the Gulf Coast price fell more than 5 cents to $3.40 per gallon.
Inventories for propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 0.6 million barrels to 73.3 million barrels as of December 3, 2021, 8.9 million barrels (10.9%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Gulf Coast inventories fell 0.9 million barrels. Rocky Mountain and Midwest decreased 0.7. East Coast inventories fell by 0.4 million barrels. West Coast inventories fell by 0.1 million barrels.
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