Fuels in Focus: Gasoline Slightly Firmer, Diesel Slows Decline

November 18, 2013 10:07 AM
 

 

  • Farm Diesel softens 2 cents to an average of $3.402 per gallon.
  • Retail Gasoline firms 2 1/2 cents to a national average of $3.219 per gallon.
  • Highway Diesel fuel softens 1 cents to $3.822 per gallon.

 

At the open the WTI/Brent crude oil spread widened $2.88 to 14.07 with Jan 14 Brent opening at $108.50 -- up $2.31 on the week -- and WTI at $94.43 -- 57 cents lower than the same time last week.

Sluggish demand for gasoline and increased vehicle efficiency conspire with the strength of headroom in Saudi production to limit upside risk for WTI. A number of OPEC nations including Iraq and Libya have cut production for a variety of reasons -- mostly civil unrest. However, light sweet crude from Nigeria is servicing demand for WTI globally and is helping keep a lid on light sweet prices. That allows U.S. producers to bank more crude in storage, further limiting the upside for WTI.

Farm Diesel --

Farm diesel moved 2 cents lower this week to a regionwide average of $3.402 with 6 of the 12 states in our Index unchanged. The biggest move was an 14 cent fall in South Dakota to $3.25. North Dakota fell 8 cents to $3.46, Kansas shucked 3 cents to $3.40. The highest priced highway diesel in our survey is still at $3.59/gallon in the state of Illinois. Upside moves were small with Indiana up 2 cents and Iowa adding a penny.

Farm Diesel 11/18/13
Three Weeks Ago
Previous Week
Current Week
Change
Iowa
$3.35
$3.35
$3.36
+$0.01
Illinois
$3.59
$3.59
$3.59
unchanged
Indiana
$3.49
$3.51
$3.53
+$0.02
Wisconsin
$3.53
$3.52
$3.51
-$0.01
Minnesota
$3.43
$3.35
$3.35
unchanged
South Dakota
$3.40
$3.39
$3.25
-$0.14
North Dakota
$3.55
$3.55
$3.46
-$0.09
Nebraska
$3.51
$3.22
$3.22
unchanged
Missouri
$3.34
$3.31
$3.31
unchanged
Kansas
$3.35
$3.43
$3.40
-$0.03
Ohio
$3.37
$3.37
$3.37
unchanged
Michigan
$3.46
$3.48
$3.48
unchanged
Midwest Average
$3.447
$3.422
$3.402
- 2 cents

 

Gasoline-

The retail price for regular gasoline firmed 2 1/2 cents during the report week to a national average of $3.219 -- 21 cents below year-ago. The East Coast firmed 4 cents to $3.282; Midwest retail gasoline up 5 1/4 this week to $3.126/gallon; Gulf Coast up 2 1/2 to $3.004; Rocky Mountain region down 4 1/2 cents to $3.183 and the West Coast moved 4 cents lower to $3.467, according to EIA data.

Highway Diesel --

The national average price of highway diesel fell a penny to a national average of $3.822 -- 15 1/2 cents below year-ago. All locations reporting diesel prices softened again on the week. East Coast 1 1/2 lower to $3.841/gallon; Midwest 1/2 cent lower to $3.794; Gulf Coast highway diesel down 3/4 cent to $3.745; Rocky Mountain region down unchanged at $3.836 and the West Coast dropped 2 1/4 cents to $3.954/gallon, according to EIA.


Highway fuel data credit: EIA.

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