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Petroleum Report: Gasoline, Diesel and WTI all Higher

February 12, 2014
By: Davis Michaelsen, Pro Farmer Inputs Monitor Editor

Crude Oil -- crstuss

March 2014 WTI crude oil opened this morning at $100.46 -- $2.79 above the same time last week. Today the contract tested resistance at $101.30 but chopped lower from there, testing resistance along the way. Strong resistance lies at $100.43 and at stops roughly every 40 cents to $101.30. Next support is at $96.91 and below that $93.65.

U.S. crude inventories gained 3.3 million barrels to 361.4 million barrels -- now 10.9 million barrels below year-ago.

March 2014 Brent crude oil futures opened today at $108.83 and also chopped generally sideways through the day. Next support remains at $107.05. A move below those levels would suggest downside potential below $103.00. Fresh resistance lies at $109.50 along the way to psychological $110.00.

The WTI/Brent crude spread widened 6 cents on the week to $8.37 at the open, with Brent on top.diress

Home Heat --

  • Residential heating oil less unchanged on the week to $4.24/gallon.
  • Wholesale heating oil unchanged on the week at $3.44/gallon.
  • Residential propane softened 13 cents to $3.76/gallon.
  • Wholesale propane 10 cents lower to $2.61/gallon.

Highway Fuels --

Gasoline & highway diesel firm.gcprrets

The U.S. average retail price of regular gasoline increased two cents to $3.31 per gallon as of February 10, 2014, 30 cents lower than last year at this time. Prices decreased one cent on the East Coast to $3.35 per gallon, while increasing in all other regions of the nation. The Midwest price increased five cents to $3.28 per gallon. On the West Coast the price was $3.52 per gallon, up three cents from last week. The Rocky Mountain price gained a penny to $3.14 per gallon, and the Gulf Coast price was $3.09 per gallon, less than a penny more than last week, according to EIA.

dlprrets

The national average diesel fuel price was up three cents to $3.98 per gallon, 13 cents lower than last year at this time. Prices increased in all regions of the nation, with the largest increase on the East Coast, where the price increased five cents to $4.12 per gallon. The Midwest price was $3.97 per gallon, three cents higher than last week, and the Rocky Mountain and Gulf Coast prices both increased one cent, to $3.87 per gallon and $3.79 per gallon, respectively. The West Coast price was up a fraction of a penny to $4.00 per gallon, according to EIA.

Look for information and statistics on LP and Farm Diesel in our Monday 'Farm Fuels in Focus' report.


Graphs and indicated text provided by EIA.

 

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