Diesel, Gas Prices Up a Penny
The U.S. average diesel fuel price increased one cent to $2.57 per gallon on February 13, 59 cents higher than a year ago. The Gulf Coast price rose two cents to $2.42 per gallon, while the West Coast and East Coast prices each rose one cent to $2.87 per gallon and $2.63 per gallon, respectively. The Rocky Mountain price rose less than one cent, remaining at $2.52 per gallon, and the Midwest price fell less than one cent, remaining at $2.49 per gallon.
The U.S. average regular gasoline retail price increased over one cent from the previous week to $2.31 per gallon on February 13, up 58 cents from the same time last year. The West Coast and Midwest prices each rose three cents to $2.73 per gallon and $2.21 per gallon, respectively, while the Gulf Coast price increased one cent to $2.08 per gallon. The East Coast price fell one cent to $2.29 per gallon and the Rocky Mountain price fell less than one cent, remaining at $2.23 per gallon.
U.S. propane stocks decreased by 2.6 million barrels last week to 53.1 million barrels as of February 10, 2017, 17.3 million barrels (24.6%) lower than a year ago. Gulf Coast, Midwest, and Rocky Mountain/West Coast inventories decreased by 1.7 million barrels, 0.7 million barrels, and 0.2 million barrels, respectively, while East Coast inventories remained virtually unchanged. Propylene non-fuel-use inventories represented 5.9% of total propane inventories.
As of February 13, 2017, residential heating oil prices averaged $2.64 per gallon, unchanged from last week’s price and 54 cents per gallon higher than last year’s price at this time. The average wholesale heating oil price is $1.74 per gallon, one cent per gallon higher than last week and nearly 61 cents per gallon higher than a year ago.
Residential propane prices averaged just over $2.45 per gallon, virtually unchanged from last week’s price and 42 cents per gallon higher than a year ago. Wholesale propane prices averaged $0.86 per gallon, over twelve cents per gallon lower than last week but 39 cents per gallon higher than last year’s price.
Source: : http://www.eia.gov/petroleum/weekly/
The bulls were again winners in an exciting week for longs and producers. In last week’s report, I said the markets bias would be near unchanged to a bit lower.