Crude Oil --
July 2013 WTI crude oil futures opened today at $94.89 and chopped mostly higher for the 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.
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.
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.
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.
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.