Brent oil prices decreased by 3.27% or US$2.76, as prices decreased this week relative to the prior week. Oil traded on November 1, 2021 at a price of US$81.56 per barrel relative to US$84.32 on October 28, 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% or (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$160.43 and J$165.86 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 and diesel prices increases
On November 1, 2021, it was noted that, “The U.S. average regular gasoline retail price increased nearly 1 cent to $3.39 per gallon on November 1, $1.28 higher than a year ago.” The West Coast price increased by almost by 4 cents to $4.10 per gallon, the East Coast price rose by nearly 1 cent, remaining virtually unchanged $3.34 per gallon, and the Gulf Coast prices increased less than 1 cent to $3.07 per gallon. The Midwest price fell by less than 1 cent to $3.21 per gallon, and the Rocky Mountain price decreased by less than 1 cent, remaining virtually unchanged at $3.56 per gallon.
The average diesel fuel price increased more than 1 cent to $3.73 per gallon on November 1, $1.36 cents higher than a year ago. The West Coast price rose nearly 5 cents to $4.32 per gallon, the Rocky Mountain price increased almost by 4 cents to $3.81 per gallon, the East Coast price went up more than 1 cent to $3.72 per gallon, the Midwest price increased nearly 1 cent to $3.64 per gallon, and the Gulf Coast price increased less than 1 cent to $3.49 per gallon.
Inventories for Propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 0.4 million barrels last week to 76.1 million barrels as of October 29, 2021, 12.4 million barrels (14.1%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, East Coast and Midwest inventories increased by 0.6 million barrels and 0.4 million barrels, respectively. Gulf Coast inventories decreased by 0.5 million barrels, and Rocky Mountain/West Coast inventories decreased slightly, remaining virtually unchanged.
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