Petroleum Report: Distillate, Crude Inventories On the Rise

March 27, 2014 05:18 AM
 

 

Crude Oil --crstuss

May 2014 WTI crude oil opened this morning at $100.30 -- $1.17 above the same time last week. Next support is at $98.80 and $97.00. A move back above $102.25 would open the door to upside risk to $104.23 and the March high of $104.48. April 14 heating oil opened today at $2.91.

April 2014 Brent crude oil futures opened at $107.25 -- 49 cents higher on the week. Next support lies at $106.98 and a move below that level would clear the way to bears' target of $103.00. Tough resistance lies at $111.32 and $112.39 along the way to $116.50.disstuss

The WTI/Brent crude spread narrowed $1.17 on the week to $6.95 at the open, with Brent at a premium.

Inventory --

  • U.S. crude inventories gained 6.6 million barrels to 382.5 million barrels -- now just 3.4 million barrels (mmbl) below year-ago.
  • Gasoline inventories fell 5.1 million barrels to 217.2 mmbl -- 4.0 mmbl below year-ago.
  • Distillate stocks firmed 1.6 mmbl to 112.4 mmbl -- 2.9 mmbl below year-ago. prstuss
  • National propane stocks fell 0.583 mmbl to 25.658 mmbl -- 15.189 mmbl below year-ago.

 

Highway Fuels --

Gasoline firms, highway diesel softens.

"The average U.S. regular gasoline price was $3.55 per gallon as of March 24, 2014, unchanged from a week ago, but 13 cents lower than the same time last year. Prices on the East Coast were up less than a penny to $3.53 per gallon, while those in the Rocky Mountains rose slightly but remained at $3.46gtstuss per gallon. The Gulf Coast price increased by four cents to $3.32 per gallon, while the West Coast price rose by a penny to $3.82 per gallon. The Midwest gasoline price dropped by two cents to $3.55 per gallon," according to EIA.

"The average U.S. diesel fuel price dropped two cents to $3.99 per gallon, two cents less than the same time last year. The East Coast and Midwest diesel fuel prices dropped two cents, to $4.11 per gallon and $3.98 per gallon respectively. The West Coast and Rocky Mountain diesel fuel prices decreased by a penny, to $4.01 per gallon and $3.98 per gallon. The Gulf Coast diesel fuel price was flat, remaining at $3.80 per gallon," according to EIA.

Look for information and statistics on LP and Farm Diesel in our weekly 'Farm Fuels in Focus' report.


Graphs and indicated text provided by EIA.

 

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