Aug 29, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin

Farm Fuels in Focus: Farm Diesel Levels, LP Falls

April 14, 2014
By: Davis Michaelsen, Pro Farmer Inputs Monitor Editor

 

  • LP falls 9 cents to $1.87 on the week.
  • May '14 natural gas opened today at $4.62 -- up 18 cents on the week.
  • Farm Diesel is unchanged at an average of $3.47 per gallon.
  • May '14 WTI crude oil opened the day at $103.56 -- up $2.65 on the week.
  • At the open the WTI/Brent crude oil spread narrowed $1.55 on the week to $4.04 with May '14 Brent opening $1.10 lower on the week at $107.60.

 

Propane -- Picture2

Prices continue to fall and with each week's declines, we draw ever-closer to to last year's price peg. EIA reports another strong week of additions to LP storage, up 1.016 million barrels (mmbbl) to 27.584 mmbbl. That is still 12.441 mmbbl behind year-ago, but supplies have at least rebounded back to within the five-year average.

We continue to wait to book propane as we expect the annual low to arrive in July or so. That low may not last long, however as demand is expected to be high when prices bottom. Natural gas prices will help increase inventories as strength there adds incentive for producers, and along with natural gas comes propane. The more quickly inventories recover, the lower prices will go.

Our continuing recommendation, and that of the propane industry is to pre-book winter and agricultural supplies to help your preferred retailer get a handle on demand when prices hit their low. In addition, experts recommend adding to your on-farm propane storage to guard against shortages and delivery constraints.

The regionwide high is at $2.65 in Missouri and the regionwide low is currently in Nebraska at $1.49.

LP 4/14/14
Three Weeks Ago
Previous Week
Current Week
Change
Iowa
$1.88
$1.81
$1.78
-$0.03
Illinois
$2.09
$1.79
$1.72
-$0.07
Indiana
$2.43
$2.43
$2.14
-$0.29
Wisconsin
$1.85
$1.85
$1.85
Unchanged
Minnesota
$1.89
$1.94
$1.90
-$0.04
South Dakota
$2.09
$1.98
$1.73
-$0.25
North Dakota
$2.07
$1.96
$1.76
-$0.20
Nebraska
$1.60
$1.58
$1.49
-$0.09
Missouri
$2.47
$2.46
$2.65
+$0.19
Kansas
$1.60
$1.60
$1.60
Unchanged
Ohio
$2.69
$1.69
$1.69
Unchanged
Michigan
$2.52
$2.21
$2.21
Unchanged
Midwest Average
$2.09
$1.94
$1.87
-$0.07

 

Farm Diesel --RR041414

READ MORE
Previous 1 2 Next

See Comments

RELATED TOPICS: Inputs

 
Log In or Sign Up to comment

COMMENTS

No comments have been posted



Name:

Comments:

Receive the latest news, information and commentary customized for you. Sign up to receive the AgWeb Daily eNewsletter today!.

 
 
Enter Zip Code below to view live local results:
bayer
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions