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Diesel Prices Rise Nearly 8 Cents After 5-Week Decline

AgFax.Com - Your Online Ag News Source

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From The U.S. Energy Information Administration

February 25, 2010

After five weeks of decline, the U.S. average price for diesel fuel shot up about eight cents to settle at $2.83 per gallon.

The average is $0.70 above a year ago. Diesel prices rose in all regions of the country. The average on the East Coast jumped about seven cents to $2.88 per gallon. The largest increase took place in the Midwest where the average soared almost nine cents to $2.79 per gallon.

The price on the Gulf Coast climbed about eight cents, also reaching $2.79 per gallon. With a rise of a nickel to $2.83 per gallon, the Rocky Mountains had the smallest increase of any major region. The average on the West Coast increased seven cents to $2.92 per gallon, while the California price moved up eight cents to $2.98 per gallon.

Gasoline: Jumping nearly a nickel to hit $2.66 per gallon, the U.S. average price for regular gasoline rose for the first time since January 11. The price was $0.75 above last year at this time. The averages on the East Coast and in the Rocky Mountains each increased about two cents to $2.66 per gallon and $2.62 per gallon, respectively. In the Midwest, the average price surged over ten cents to $2.61 per gallon. Rising a nickel, the price on the Gulf Coast settled at $2.53 per gallon. The West Coast average moved fractionally higher to $2.87 per gallon. The price in California dipped nearly a penny to $2.92 per gallon.   

Propane Inventories Continue to Decline: Winter weather continued to whittle away at U.S. inventories of propane with a stock draw that measured almost 2.3 million barrels, leaving total stocks at 27.4 million barrels and further below the lower limit of the average range. The largest decline was in the Midwest region with a 1.6 million barrel draw. The East Coast regional stocks fell by 1.0 million barrels, while the Rocky Mountain/West Coast region declined by 0.3 million barrels. The Gulf Coast region added 0.6 million barrels of inventory. Propylene non-fuel use inventories increased their share of total propane/propylene stocks from 8.7 percent to 10.0 percent, a level last seen in March 2007.

The average residential propane price fell 0.8 cent per gallon to reach 268.3 cents per gallon. This was an increase of 39.1 cents per gallon compared to the same period last year. Wholesale propane prices dropped 0.6 cent per gallon to reach 138.0 cents per gallon. This was an increase of 60.9 cents per gallon when compared to the February 23, 2009 price of 77.1 cents per gallon.