Heating Fuels Report -- Demand & Production Fall, Winter on the Ropes

March 14, 2013 08:42 AM


Residential heating oil prices fell last week by $0.018 to $4.040 -- $0.065 below year-ago. Wholesale gheating oil rose $0.043 to $3.139 -- $0.230 below year-ago.

Distillate stocks increased 0.1 mmbbl to 120.4 -- 14.4 mmbbl below last year. Production and demand both fell signaling winter's grip is loosening.prprus3 14

The average residential propane price remained unchanged at $2.491/gallon -- $0.377 below year-ago. Wholesale propane fell just $0.001 to $0.973/gallon -- $0.350 below year-ago.

Propane stocks fell 2.672 mmbbl dcuring the report week to an even 43.0 mmbbl. Production and demand both fell here as well as the winter heating season begins to wind down. But this wintefr is proving to be more persistent than was 3expected, and one more visit from Jack Frost could signal larger weekly drawdowns.

Temperatures --

According to EIA, "Temperatures in the Lower 48 states averaged 38.0 degrees, compared to 44.4 degrees last year and the 30-year normal of 41.3 degrees. While overall temperatures were a few degrees cooler than normal, temperatures varied somewhat across Census divisions. In the South, the East South Central and South Atlantic Census divisions were particularly cool, averaging 9.1 and 8.0 degrees cooler, respectively, than the 30-year normal.

In the Northeast, the New England Census division was relatively warm, averaging 2.6 degrees warmer than the 30-year normal. Heating degree-days nationwide were 11.8 percent above normal and 27.7 percent above last year."


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