Diesel, Gas Prices Climb, Propane Stocks Over 40% Below Last Year
The U.S. average diesel fuel price rose two cents to $2.60 per gallon on April 17, 43 cents higher than a year ago. The West Coast and Midwest prices each increased two cents to $2.88 per gallon and $2.54 per gallon, respectively, while the Rocky Mountain, East Coast, and Gulf Coast prices each rose one cent to $2.65 per gallon, $2.63 per gallon, and $2.46 per gallon, respectively.
The U.S. average regular gasoline retail price rose over one cent from the previous week to $2.44 per gallon on April 17, up 30 cents from the same time last year. The Gulf Coast price increased five cents to $2.24 per gallon, the Rocky Mountain price increased over four cents to $2.38 per gallon, the East Coast price increased over two cents to $2.40 per gallon, and the West Coast price increased one cent to $2.88 per gallon. The Midwest price fell two cents to $2.34 per gallon.
U.S. propane stocks decreased by 0.7 million barrels last week to 39.6 million barrels as of April 14, 2017, 29.3 million barrels (42.5%) lower than a year ago. Gulf Coast and Rocky Mountain/West Coast inventories decreased by 0.6 million barrels and 0.2 million barrels, respectively, while East Coast inventories fell slightly, remaining essentially unchanged. Midwest inventories increased by 0.1 million barrels. Propylene non-fuel-use inventories represented 6.4% of total propane inventories.
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.