Petroleum Report: Crude Stocks Chop Higher, Highway Diesel Continues Declines

June 12, 2013 11:17 AM

Crude Oil --

July 2013 WTI crude oil futures opened today at $94.89 and chopped mostly higher for thecrprfuts6 12 day, testing resistance at $96.25 before fading to end the day up 51 cents all told at $95.89.

July 13 Brent crude oil futures opened today at $102.55 and moved higher, twice testing resistance at $103.80 before settling 59 cents higher on the day at $103.55.

The current WTI-Brent crude spread stands at $7.66.

Fuels --

According to EIA, The U.S. average retail price of regular gasoline increased one cent to $3.66 per gallon as of June 10, 2013, up eight cents from last year at this time. The Midwest price increased three cents to $3.87 per gallon, and the East Coast price is $3.49 per gallon, up a penny from last week. The Gulf Coast price decreased less than one cent to remain at $3.34 per gallon. Both the Rocky Mountain and West Coast prices dropped a penny, to $3.72 and $3.88 per gallon, respectively.

The national average highway diesel fuel price fell for the third straight week, decreasing two cents to $3.85 per gallon, seven cents higher than last year at this time. Prices were down in all regions of the nation.

Farm Diesel moved slightly higher again with 7 of 12 states in our Index unchanged week-over. The regional average price as reported by your Inputs Monitor stands at $3.435/gallon -- up just $0.004 from the previous week.

According to trends and projections, farm diesel pricing is at or near a seasonal low. The expectation is for farm diesel to average $3.40/gallon in 2013. Current regional averages are very near that level, and prices are likely to inflate through the summer.

Propane --

Total U.S. inventories of propane increased 3.3 million barrels last week to end at 50.3 million barrels, but are 7.9 million barrels (13.6 percent) lower than the same period a year ago. The Gulf Coast region led the gain with 1.1 million barrels, while Rocky Mountain/West Coast stocks increased by 1.0 million barrels. Midwest inventories increased by 0.7 million barrels, and East Coast stocks gained by 0.6 million barrels.disstuss6 12

Propylene non-fuel-use inventories represented 6.0 percent of total propane inventories.

LP moved $0.006 lower in this week's Monitor to $1.440.

Distillate --

The national distillate supply fell by 1.2 million barrels to 122.1 million barrels in storage, but remains 2.1 million barrels above year-ago.





Back to news


Spell Check

No comments have been posted to this News Article

Corn College TV Education Series


Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!


Market Data provided by
Brought to you by Beyer