January 13, 2022
Brent oil prices increased by 2.77% or US$2.27 relative to the prior week. Oil traded on January 13, 2022, at US$84.26 per barrel relative to US$81.99 on January 6, 2021. Brent oil opened 2022 year at US$78.98 per barrel.
87 Octane prices decreased by 0.78% (JMD$2.42) and 90 Octane decreased by 0.75% (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$166.12 and J$171.59 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 10, 2022, it was noted that, “the U.S. average regular gasoline retail price increased nearly 1 cent, to $3.30 per gallon on January 10, 98 cents higher than a year ago.” The Gulf Coast price decreased more than 2 cents to $2.92 per gallon, the West Coast price increased more than 1 cent to $4.16 per gallon, and the Midwest price increased nearly 8 cents to $3.11 per gallon. The Rocky Mountain price decreased nearly 2 cents to $3.35 per gallon, and the East Coast price decreased more than 1 cent to $3.23 per gallon.
The average diesel fuel price declined more than 4 cents to $3.66 per gallon on January 10, 99 cents higher than a year ago. The Rocky Mountain price decreased more than 2 cents to $3.67 per gallon, and the Midwest and West Coast prices each increased nearly 5 cents to $3.52 per gallon and $4.42 per gallon, respectively. The East Coast price increased more than 4 cents to $3.65 per gallon. The Gulf Coast price increased nearly 6 cents to $3.38 per gallon.
Inventories for propane/propylene decline
There was a decrease in U.S. propane/propylene stocks last week by 3.4 million barrels to 62.4 million barrels as of December 7, 2022, 4.3 million barrels (6.5%) less than the five-year (2017-2021) average inventory levels for this same time of year.
Additionally, East Coast inventories increased by 0.4 million barrels. Rocky Mountain/West Coast and Midwest inventories each decreased by 1.0 million barrels. Gulf Coast inventories decreased by 2.7 million barrels
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