Brent Oil
Brent oil prices increase by 6.57% or US$6.11 relative to the prior week. Oil traded on February 24, 2022, at US$99.08 per barrel relative to US$92.97 on February 17, 2021. Brent oil opened 2022 year at US$78.98 per barrel.
Petrojam prices
87 Octane prices fell by 0.14% (JMD$0.250) and 90 Octane fell by 0.13% (JMD$0.250) 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$180.65 and J$185.67 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 increase
On February 21, 2022, it was noted that, “the U.S. average regular gasoline retail price increased more than 4 cents, to $3.53 per gallon, 90 cents higher than a year ago.” The Gulf Coast price rose more than 5 cents to $3.24 per gallon, the West Coast price rose more than 4 cents to $4.23 per gallon, the Midwest price rose more than 3 cents to $3.35 per gallon, the Rocky Mountain price rose nearly 2 cents to $3.34 per gallon and the East Coast price rose 5 cents to $3.50 per gallon.
The average diesel fuel price rose nearly 4 cents to $4.06 per gallon on February 21, $1.08 higher than a year ago. the Rocky Mountain price increased 2 cents per gallon to $3.93 per gallon, the Midwest price increased more than 2 cents per gallon to $3.91 per gallon, The East Coast and Gulf Coast prices each increased nearly 5 cents to $4.11 per gallon and $3.83 per gallon, respectively and the West Coast price rose nearly 3 cents to $4.68 per gallon.
Inventories for propane/propylene decline
There was a decrease in U.S. propane/propylene stocks last week by 3.9 million barrels to 38.0 million barrels as of February 18, 2022, 10.9 million barrels (22.3%) less than the five-year (2017-2021) average inventory levels for this same time of year.
Additionally, Gulf Coast, East Coast, Rocky Mountain/West Coast, and Midwest inventories decreased by 2.2 million barrels, 0.9 million barrels, 0.4 million barrels, and 0.3 million barrels, respectively.
For additional information click the link below:
https://www.eia.gov/petroleum/wekly/
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