Diesel and Gas Prices Dip
The U.S. average diesel fuel price decreased nearly two cents to $2.56 per gallon on March 13, 47 cents higher than a year ago. The West Coast price fell three cents to $2.85 per gallon, the East Coast price fell nearly two cents to $2.62 per gallon, and the Rocky Mountain, Midwest, and Gulf Coast prices each fell one cent to $2.62 per gallon, $2.49 per gallon, and $2.42 per gallon, respectively.
The U.S. average regular gasoline retail price decreased two cents from the previous week to $2.32 per gallon on March 13, up 36 cents from the same time last year. The Midwest price fell five cents to $2.22 per gallon, the Gulf Coast price fell just under two cents to $2.08 per gallon, and the East Coast price fell over one cent to $2.27 per gallon. The West Coast and Rocky Mountain prices each increased nearly two cents to $2.85 per gallon and $2.31 per gallon, respectively.
U.S. propane stocks decreased by 0.8 million barrels last week to 44.5 million barrels as of March 10, 2017, 18.0 million barrels (28.9%) lower than a year ago. Gulf Coast and Midwest inventories decreased by 0.6 million barrels and 0.3 million barrels, respectively. East Coast inventories increased by 0.1 million barrels. Rocky Mountain/West Coast inventories were virtually unchanged. Propylene non-fuel-use inventories represented 5.5% of total propane inventories.
As of March 13, 2017, residential heating oil prices averaged $2.62 per gallon, just over one cent per gallon less than last week’s price but 49 cents per gallon higher than last year’s price at this time. The average wholesale heating oil price is nearly $1.60 per gallon, almost 9 cents per gallon less than last week but 31 cents per gallon higher than a year ago.
Residential propane prices averaged $2.43 per gallon, one cent per gallon more than last week’s price and nearly 41 cents per gallon higher than a year ago. Wholesale propane prices averaged nearly $0.74 per gallon, almost five cents per gallon higher than last week and just over 18 cents per gallon higher than last year’s price.
Source: : https://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.