Brent oil prices increased by 1.40% or US$1.14, as prices increased this week relative to the prior week. Oil traded on November 25, 2021, at a price of US$82.38 per barrel relative to US$81.24 on November 18, 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$159.69 and J$165.14 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 November 22, 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 22, $1.29 higher than a year ago.” The West Coast price grew more than 2 cents to $4.19 per gallon, the East Coast price grew more than 1 cent, to $3.35 per gallon, and the Gulf Coast price fell more than 4 cents to $3.03 per gallon. The Midwest price fell 2 cents to $3.20 per gallon, and the Rocky Mountain price fell almost by 2 cents $3.52 per gallon.
The average diesel fuel price fell 1 cent to $3.72 per gallon on November 22, $1.26 higher than a year ago. The East Coast price fell about 2 cents to $3.69 per gallon, the Rocky Mountain price rose less than 1 cent, remaining virtually unchanged at $3.84 per gallon, West Coast price decreased less than 1 cent, remaining virtually unchanged at $4.42 per gallon, the Midwest price fell less than 1 cent to $3.62 per gallon, and the Gulf Coast price fell about 2 cents to $3.46 per gallon.
Inventories for propane/propylene decline
There was a fall in U.S. propane/propylene stocks last week by 1 million barrels last week to 73.6 million barrels as of November 19, 2021, 11.4 million barrels (13.4%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Gulf Coast fell by 0.7 million barrels. Midwest inventories decreased slightly, remaining virtually unchanged. Rocky Mountain/West Coast inventories fell 0.3 million barrels. East Coast inventories rose by 0.1 million barrels.
For additional information click the link below:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer(s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view(s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.