Brent oil prices increased by 3.37% or US$2.67 relative to the prior week. Oil traded on January 6, 2022, at US$81.99 per barrel relative to US$79.32 on December 30, 2021. Brent oil opened 2022 year at US$78.98 per barrel.
87 Octane prices increased by 1.47% (JMD$2.42) and 90 Octane increased by 1.43% (JMD$2.43) 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$167.42 and J$172.88 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 increase and diesel prices decrease
On January 3, 2022, it was noted that, “the U.S. average regular gasoline retail price increased nearly 1 cent, remaining virtually unchanged at $3.28 per gallon on January 3, $1.03 higher than a year ago.” The Gulf Coast price increased nearly 4 cents to $2.94 per gallon, the West Coast price increased more than 1 cent to $4.14 per gallon, and the Midwest price increased less than 1 cent, remaining virtually unchanged at $3.03 per gallon. The Rocky Mountain price decreased more than 2 cents to $3.37 per gallon, and the East Coast price decreased nearly 1 cent, remaining virtually unchanged at $3.24 per gallon.
The average diesel fuel price declined less than 1 cent to $3.61 per gallon on January 3, 97 cents higher than a year ago. The Rocky Mountain price decreased nearly 2 cents to $3.69 per gallon, and the Midwest, Gulf Coast, and West Coast prices each decreased less than 1 cent, remaining virtually unchanged at $3.48 per gallon, $3.33 per gallon, and $4.37 per gallon, respectively. The East Coast price increased less than 1 cent, remaining virtually unchanged at $3.60 per gallon.
Inventories for propane/propylene decline
There was a decrease in U.S. propane/propylene stocks last week by 0.7 million barrels to 65.7 million barrels as of December 31, 2021, 5.0 million barrels (7.1%) less than the five-year (2016-2020) average inventory levels for this same time of year.
Additionally, Midwest inventories decreased by 0.7 million barrels, and East Coast and Rocky Mountain/West Coast inventories each decreased by 0.1 million barrels. Gulf Coast inventories increased 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.