Petroleum Report: Brent Crude Batted Back from Upside Runs

May 8, 2013 11:28 AM

Crude Oil -- crprfuts5 8

June 2013 WTI crude oil futures opened today at $95.56 and trended higher through midday after setting early morning support at $95.24. So far this week WTI futures have moved sideways through a channel roughly $1.75 wide. Upward movement late in the day pushed the contract to a day's high of $96.77 -- closing at $96.56. A move below $95.00 would suggest downside potential to $93.60 and proximity to psychological resistance at $100.00 should limit upside potential.

June 13 Brent crude oil futures made three separate runs to the upside today and was turned back each time. The contract opened this morning at $104.08 and did its best to move out of the ten dollar range that has characterized June Brent. A move above $106.00 would signal upside potential, but a run to $104.76 was all Brent could muster -- simultaneously establishing strong support at $103.56.

Fuels --

The U.S. average retail price of regular gasoline increased two cents to $3.54 per gallon as of May 6, 2013, down 25 cents from last year at this time. Prices increased in all regions of the nation except the East Coast, where the price decreased a penny to $3.45 per gallon

The national average diesel fuel price decreased one cent to $3.85 per gallon, 21 cents lower than last year at this time. The average price has now fallen 31 cents in 10 consecutive weeks of decline since peaking on February 25. Prices were down in all regions of the nation except the Midwest, where the price increased three cents to $3.87 per gallon.

Farm Diesel moved slightly lower shedding a nickel to $3.422.

Propane --

Total U.S. inventories of propane increased 0.5 million barrels last week to end at 41.0 milliondisstuss5 8 barrels, but are 10.0 million barrels (19.6 percent) lower than the same period a year ago.

LP moved just a tick higher in this week's Monitor to $1.468.

Distillate --

The national distillate supply rose 1.8 million barrels to 117.6 mmbbl -- still 3.2 mmbbl below year-ago, but making good progress toward the five-year average.




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