Brent Oil
Brent oil prices fell by 3.66% or US$3.26 relative to the prior week. Oil traded on February 10, 2022, at US$92.40 per barrel relative to US$89.14 on February 3, 2022. Brent oil opened 2022 year at US$78.98 per barrel.
Petrojam prices
87 Octane prices rose by 1.75% (JMD$3.060) and 90 Octane increased by 1.70% (JMD$3.060) this week. 87 Octane and 90 Octane opened the year 2022 at J$167.423 and J$172.88 respectively and now trades at J$177.84 and J$182.86 per liter 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 increase
On February 7, 2022, it was noted that, “the U.S. average regular gasoline retail price increase nearly 8 cents, to $3.44 per gallon on February 7, 98 cents higher than a year ago.” The Gulf Coast price rose more than 9 cents to $3.12 per gallon and the West Coast price rose more than 2 cents to $4.18 per gallon, The Midwest price rose more than 10 cents to $3.29 per gallon, the East Coast price rose nearly 8 cents to $3.39 per gallon and the Rocky Mountain price was stable at $3.33 per gallon.
The average diesel fuel price rose nearly 11 cents to $3.95 per gallon on February 7, $1.15 higher than a year ago. The Rocky Mountain price increased more than 10 cents to $3.86 per gallon, the Midwest price increased more than 9 cents to $3.81 per gallon, the East Coast price increased nearly 12 cents to $3.97 per gallon, The Gulf Coast price increased more than 12 cents to $3.73 per gallon and the West Coast price increased nearly 8 cents to $4.62 per gallon.
Inventories for propane/propylene decline
There was a decrease in U.S. propane/propylene stocks last week by 1.9 million barrels to 47.8 million barrels as of February 4, 2022, 5.7 million barrels (10.7%) less than the five-year (2017-2021) average inventory levels for this same time of year.
Additionally, Midwest, Gulf Coast, and Rocky Mountain/West Coast inventories fell by 1.1 million barrels, 1.0 million barrels, and 0.4 million barrels, respectively. East Coast inventories rose by 0.6 million barrels.
For additional information click the link below:
https://www.eia.gov/petroleum/wekly/
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