Brent oil prices decreased by 1.97% or US$1.63, as prices decreased this week relative to the prior week. Oil traded on November 18, 2021, at a price of US$81.24 per barrel relative to US$82.87 on November 11, 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$159.94 and J$165.39 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 price decreases and diesel prices increases
On November 15, 2021, it was noted that, “the U.S. average regular gasoline retail price decreased more than 1 cent to $3.40 per gallon on November 15, $1.29 higher than a year ago.” The West Coast price increased by 4 cents to $4.17 per gallon, the East Coast price fell by nearly 1 cent, remaining essentially unchanged $3.34 per gallon, and the Gulf Coast price fell more than 3 cents to $3.07 per gallon. The Midwest price fell by almost by 4 cents to $3.22 per gallon, and the Rocky Mountain price decreased by less than 1 cent, remaining essentially unchanged at $3.54 per gallon.
The average diesel fuel price rose less than 1 cent to $3.73 per gallon on November 15, $1.29 higher than a year ago. The East Coast price fell almost 1 cent but remain unchanged at $3.72 per gallon, the Rocky Mountain price rose almost by 1 cent to $3.84 per gallon, West Coast price rose nearly 5 cents to $4.42 per gallon, the Midwest price fell less than 1 cent by remained unchanged at $3.63 per gallon, and the Gulf Coast price fell almost 1 cent to $3.47 per gallon.
Inventories for Propane/propylene decline
There was a fall in U.S. propane/propylene stocks last week by 0.2 million barrels last week to 74.6 million barrels as of November 12, 2021, 11.4 million barrels (13.3%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Gulf Coast and Midwest inventories fell by 0.4 million barrels and 0.2 million barrels, respectively. Rocky Mountain/West Coast inventories fell slightly, remaining essentially unchanged. East Coast inventories rose by 0.5 million barrels.
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