Diesel, Gas Prices Decline; Propane Stocks at Average Levels

Diesel, gas pump. ©Debra L Ferguson

The U.S. average diesel fuel price decreased nearly 2 cents from last week to $3.34 per gallon on November 5, 2018, 46 cents higher than a year ago. Midwest prices fell more than two cents to $3.29 per gallon, West Coast and East Coast prices each decreased nearly two cents to $3.83 per gallon and $3.33 per gallon, respectively, Gulf Coast prices fell more than one cent to $3.11 per gallon, and Rocky Mountain prices decreased nearly one cent to $3.40 per gallon.

The U.S. average regular gasoline retail price decreased nearly 6 cents from last week to $2.75 per gallon on November 5, 2018, up 19 cents from the same time last year. Midwest prices fell nearly eight cents to $2.60 per gallon, Gulf Coast prices decreased nearly seven cents to $2.46 per gallon, East Coast prices fell more than five cents to $2.68 per gallon, West Coast prices decreased more than three cents to $3.45 per gallon, and Rocky Mountain prices fell more than two cents to $2.94 per gallon.

U.S. propane/propylene stocks increased by 1.5 million barrels last week to 84.5 million barrels as of November 2, 2018, about equal to the five-year (2013-2017) average inventory level for this same time of year. Gulf Coast inventories increased by 1.9 million barrels. Rocky Mountain/West Coast inventories decreased by 0.2 million barrels, and East Coast and Midwest inventories each decreased by 0.1 million barrels. Propylene non-fuel-use inventories represented 4.4% of total propane/propylene inventories.

Residential propane prices averaged nearly $2.42 per gallon, virtually unchanged from last week and almost six cents per gallon higher than a year ago. Wholesale propane prices averaged $0.87 per gallon, 6 cents per gallon less than last week and almost 20 cents per gallon lower than a year ago.

As of November 5, 2018, residential heating oil prices averaged $3.35 per gallon, nearly 2 cents per gallon lower than last week’s price but almost 62 cents per gallon higher than last year’s price at this time. The average wholesale heating oil price for this week is $2.28 per gallon, almost 12 cents per gallon lower than last week but 29 cents per gallon higher than a year ago.


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