Diesel Price Drops Over a Penny
Gasoline prices fall for fifth straight week
The national average diesel fuel price decreased by more than a penny to $4.06 per gallon, 5 cents per gallon lower than last year at this time. Prices dropped in all regions, with the Midwest and Gulf Coast prices the lowest in the Nation at $3.96 per gallon. The Rocky Mountain regional average price fell more than 2 cents to $4.05 per gallon, while the East Coast price decreased 2 cents to $4.11 per gallon. Rounding out the regions, the average diesel price on the West Coast fell nearly 2 cents, but remains the highest in the Nation at $4.31 per gallon.
The U.S. average retail price of regular gasoline decreased 4 cents this week to $3.79 per gallon, 18 cents per gallon lower than last year at this time. This marks the fifth straight week of decline, with the average price down 15 cents since April 2. The least expensive gasoline remains in the Gulf Coast for the third consecutive week, at $3.62 per gallon. The Midwest average price decreased about 3 cents to $3.72 per gallon, while the East Coast and Rocky Mountain prices both dropped to $3.76 per gallon. On the West Coast, the price increased by more than a cent to $4.14 per gallon, the most expensive in the Nation.
Propane stocks post a strong build
Last week, propane inventories grew across all regions of the United States, adding 2.5 million barrels to end at 51.0 million barrels, 77 percent higher than a year ago. The Gulf Coast region led the gain with 1.0 million barrels of new propane inventory, followed by the East Coast, which added 0.9 million barrels. The Midwest regional stocks grew by 0.5 million and the Rocky Mountain/West Coast region added 0.2 million barrels. Propylene non-fuel-use inventories represented 7.1 percent of total propane inventories.
The ICE Dec and Mar contracts gave back 160 and 87 points on the week, respectively, as last week’s inversion between the two contracts gave way to partial carry. Well,