Residential heating oil prices increased by nearly two cents per gallon in the reporting week ended October 8, according to EIA data. The current price up to $3.98/gallon, $0.29/gallon higher year-over. Wholesale heating oil prices up a penny on the week to $3.28.gallon -- thirty-two cents over the same period last year.
Average price for residential propane two cents higher on the week, priced at $2.38/gallon -- a drop of forty cents year-over. Wholesale propane prices up by more than three cents per gallon week-over to $0.97 -- a fifty-five cent decrease year-over when the price was $1.52/gallon.
Home heating was expected to have minimal impact on pricing as a warm winter had first been forecast. But news of waning natural gas inventories and an updated forecast that predicts cooler-than -expected temperatures for portions of the U.S. east of the Rockies sent November natural gas near-contract futures upward Thursday, reaching its highest market value since December 2, 2011.