Residential heating oil prices fell last week by $0.073 to $4.058 -- 0.042 below year-ago. Wholesale heating oil slides as well, shedding $0.183 to $3.096 -- 0.222 below year-ago.
Distillate stocks fell 3.8 million barrels (mmbbl) to 120.4 mmbbl as blustery winter weather increased demand for home heat and power generation -- 19.1mmbbl below year-ago. Demand outpaced production by 0.127 mmbbl/day. Production added 0.228 mmbbl while demand garnered 0.355 mmbbl/day.
The average residential propane price fell $0.001 to $2.492 -- $0.375 less than year-ago Wholesale propane also found some room to the downside posting a $0.017 decline to $0.974 per gallon.
Propane stocks fell slightly in the face of the slow start to spring, decreasing 2.182 mmbbl to 45.672 mmbbl -- 2.174 mmbbl above year-ago. Production and demand both fell -- production adds 0.012 mmbbl while demand slips 0.137 -- 0.329 above year-ago.
According to EIA, temperatures during the storage report week were 1.4 degrees cooler than the 30-year normal temperature and 5.3 degrees cooler than the same period last year. Temperatures in the Lower 48 states averaged 38.1 degrees, compared to 43.4 degrees last year and the 30-year normal of 39.6 degrees. While overall temperatures were about a degree cooler than normal, temperatures varied somewhat by Census Division.
In the West, the Mountain Census division was particularly cool, averaging 8.4 degrees cooler than the 30-year normal. In the Northeast, the New England Census division was relatively warm, averaging 3.7 degrees warmer than the 30-year normal. Heating degree-days nationwide were 5.5 percent above normal and 23.2 percent above last year.