Residential heating oil prices fell last week by $0.031 to $4.009 -- $0.103 below year-ago. Wholesale heating oil eliminated the previous week's gains by falling $0.043 to $3.096 -- $0.294 below year-ago.
Distillate stocks fell 0.7 mmbbl to 119.8 mmbbl -- 16.8 mmbbl below last year. An updated USDA weather forecast is calling for cool temperatures to persist through next week, but the distillate supply is making gains into the five-year average.
The average residential propane price fell $0.007 to $2.484/gallon -- $0.385 below year-ago. Wholesale propane increased $0.037 to a notch above one dollar at $1.010/gallon -- $0.234 below year-ago.
Propane stocks fell 1.241 mmbbl during the report week to 41.759 mmbbl. Production and demand both fell here for the second week in a row.
According to EIA, "Temperatures during the storage report week were 0.6 degrees warmer than the 30-year normal temperature and 6.1 degrees cooler than the same period last year. Temperatures in the Lower 48 states averaged 43.9 degrees, compared to 50.0 degrees last year and the 30-year normal of 43.3 degrees. While overall temperatures were about a degree warmer than normal, temperatures varied somewhat across Census divisions.
In the Northeast, the New England and Mid Atlantic Census divisions were relatively warm, both averaging 3.6 degrees warmer than the 30-year normal. The West North Central Census division in the Midwest and the East South Central Census division in the South were relatively cool, both averaging 2.4 degrees cooler than the 30-year normal.
Heating degree-days nationwide were 3.9 percent below normal and 36.4 percent above last year."