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Home Heating Report

October 12, 2012
By: Davis Michaelsen, Pro Farmer Inputs Monitor Editor

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.


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