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Petroleum Report: Gasoline and Farm Diesel Steady

January 29, 2014
By: Davis Michaelsen, Pro Farmer Inputs Monitor Editor

Crude Oil --

February 2014 WTI crude oil opened this morning at $97.17 and ranged generally higher through the day. A midmorning nod to the downside set off a round of trader activity that moved the contract back upward to $97.30. Strong resistance lies at $97.84. A move above that would make bulls next target the December high of $100.79 and beyond that, $101.81. Next support is at $93.65 and below that, $91.47. crstuss

U.S. crude inventories gained 6.4 million barrels to 357.6 million barrels -- now 11.4 million barrels below year-ago.

March 2014 Brent crude oil futures opened today at $107.39 and chopped generally sideways through the day to end 37 cents higher at $107.76. Next support remains at $105.09. A move below those levels would suggest downside potential below $103.00. Resistance lies at $108.24 with stops every 50 cents along the way to psychological $110.00.

The WTI/Brent crude spread narrowed $1.35 on the week to $10.22 at the open, with Brent on top.

Home Heat --

  • Residential heating oil 12 cents higher on the week to $4.18/gallon.
  • Wholesale heating 18 cents higher on the week at $3.39/gallon.
  • Residential propane firmed $1.05 to $4.01/gallon.
  • Wholesale propane $1.43 higher to $3.55/gallon.

 

Fuels --

Gasoline steady, highway diesel firms, farm diesel unchanged.

The U.S. average retail price of regular gasoline decreased less than one cent to remain at $3.30 per gallon as of January 27, 2014, six cents lower than last year at this time. Prices increased by two cents in the Midwest to $3.22 per gallon and decreased one cent in all other regions of the nation. The Gulf Coast price was $3.09 per gallon, the Rocky Mountain price fell to $3.13 per gallon, the East Coast price was $3.38 per gallon, and the West Coast price was $3.49 per gallon, according to EIA.

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