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Fuels in Focus: Gasoline Leads Another Week of Fuel Declines

November 12, 2013
By: Davis Michaelsen, Pro Farmer Inputs Monitor Editor

 

  • Farm Diesel softens 2 1/2 cents to an average of $3.422 per gallon. 
  • Retail Gasoline softens 7 cents to a national average of $3.194 per gallon.
  • Highway Diesel fuel softens 2 1/2 cents to $3.832 per gallon.

 

newnozzleAt today's open the WTI/Brent crude oil spread narrowed 26 cents to 11.19 with Brent opening at $106.19 -- up 86 cents on the week -- and WTI at $95 even -- 53 cents higher than the same time last week. Continued smooth sailing for crude oil amid softening tensions in the Middle East and North Africa, resumption of Libyan production and strong U.S. inventories have limited upside risk for WTI. Brent crude is on the same track, although Brent did bang its head against chart resistance at $107.25 twice at midmorning. Since then, December Brent crude futures have chopped lower, signaling the contract currently lacks the push to make it above $107.25.

Farm Diesel --

Farm diesel moved 2 1/2 cents lower this week to a regionwide average of $3.422 with 4 of the 12 states in our Index unchanged. The biggest move was an 29 cent fall in Nebraska to $3.22. Minnesota fell 8 cents to $3.35, Missouri shucked 3 cents to $3.31 while South Dakota and Wisconsin each softened an even penny with SD now at $3.39 and MO at $3.31. The highest priced highway diesel in our survey is at $3.59/gallon in the state of Illinois.

Farm Diesel 11/11/13
Three Weeks Ago
Previous Week
Current Week
Change
Iowa
$3.43
$3.35
$3.35
unchanged
Illinois
$3.59
$3.59
$3.59
unchanged
Indiana
$3.49
$3.49
$3.51
+$0.02
Wisconsin
$3.53
$3.53
$3.52
-$0.01
Minnesota
$3.49
$3.43
$3.35
-$0.08
South Dakota
$3.40
$3.40
$3.39
-$0.01
North Dakota
$3.57
$3.55
$3.55
unchanged
Nebraska
$3.55
$3.51
$3.22
-$0.29
Missouri
$3.34
$3.34
$3.31
-$0.03
Kansas
$3.35
$3.35
$3.43
+$0.08
Ohio
$3.37
$3.37
$3.37
unchanged
Michigan
$3.46
$3.46
$3.48
+$0.02
Midwest Average
$3.449
$3.447
$3.422
- 2 1/2 cents

 

Gasoline-

The retail price for regular gasoline softened 7 cents during the report week to a national average of $3.194 -- 25 1/2 cents below year-ago. The East Coast shucked 4 1/2 cents to $3.243; Midwest retail gasoline down a dime last week sheds 11 1/4 cents more this week to $3.074/gallon; Gulf Coast down 5 1/4 to $2.978; Rocky Mountain region down 8 cents to $3.227 and the West Coast moved 5 3/4 cents lower to $3.507, according to EIA data.

Highway Diesel --

The national average price of highway diesel fell 2 1/2 cents to an average of $3.832 -- 14 3/4 cents below year-ago. All locations reporting diesel prices softened again on the week. East Coast 2 1/4 lower to $3.855/gallon; Midwest 2 3/4 lower to $3.798; Gulf Coast highway diesel down 1 3/4 to $3.752; Rocky Mountain region down 2 1/4 cents to $3.836 and the West Coast dropped 4 cents to $3.976/gallon, according to EIA.


Highway fuel data credit: EIA.

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