Fuel Report: Propane Stocks Continue Lower, Prices Climb

    Photo: John Nuckolls, FarmPropane.com

    The U.S. average diesel fuel price increased more than 2 cents to $2.74 per gallon on February 1, 22 cents lower than a year ago. The East Coast and Rocky Mountains prices each increased nearly 3 cents to $2.79 per gallon and $2.64 per gallon, respectively, the West Coast price increased more than 2 cents to $3.20 per gallon, the Midwest price increased 2 cents to $2.68 per gallon, and the Gulf Coast price increased nearly 2 cents to $2.50 per gallon.

    The U.S. average regular gasoline retail price increased nearly 2 cents to $2.41 per gallon on February 1, 5 cents lower than the same time last year. The Midwest price increased nearly 4 cents to $2.31 per gallon, the West Coast and Rocky Mountains prices each increased more than 2 cents to $2.96 per gallon and $2.28 per gallon, respectively, and the East Coast and Gulf Coast prices each increased nearly 1 cent to $2.38 per gallon and $2.11 per gallon, respectively.

    U.S. propane/propylene stocks decreased by 1.6 million barrels last week to 56.1 million barrels as of January 29, 2021, 3.9 million barrels (6.4%) less than the five-year (2016-2020) average inventory levels for this same time of year. Midwest, Gulf Coast, Rocky Mountain/West Coast, and East Coast inventories decreased by 0.8 million barrels, 0.6 million barrels, 0.2 million barrels, and 0.1 million barrels, respectively.

    Residential propane prices averaged more than $2.21 per gallon, more than 1 cent per gallon higher than last week’s price and more than 22 cents per gallon above last year’s price. Wholesale propane prices averaged nearly $1.05 per gallon, almost 4 cents per gallon higher than last week’s price and more than 46 cents per gallon above last year’s price.

    As of February 1, 2021, residential heating oil prices averaged nearly $2.61 per gallon, almost 4 cents per gallon higher than last week’s price but nearly 33 cents per gallon lower than last year’s price at this time. Wholesale heating oil prices averaged almost $1.72 per gallon, nearly 3 cents per gallon above last week’s price but almost 2 cents per gallon below last year’s price.




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