Crude Oil --
December 2013 WTI crude oil opened today at $97.77. Resistance lies at $100.30 and $102.59. A violation of those levels would make $103.34 bulls next target. The July 2 daily low marks next support at $95.20 and below that, $93.94. A violation of these levels would suggest downside potential to April 15's low at $85.61.
U.S. crude inventories firmed 4.1 million barrels to 383.9 million barrels -- now 10.8 million barrels above year-ago.
December 13 Brent crude oil futures opened today at $108.66 and spent most of the day chopping higher. Next support lies at $108.20 and $107.96. A move below those levels would suggest downside potential to $105 and psychological $100. Resistance lies at $110.65 and $110.86.
The WTI/Brent crude spread firmed 82 cents on the week to $10.96 at the open with Brent on top.
Gasoline, Highway Diesel and #2 all lower on the week.
According to EIA, the U.S. average retail price of regular gasoline decreased seven cents to $3.29 per gallon as of October 28, 2013, 27 cents lower than last year at this time, and the lowest price since December 24, 2012. Prices fell in all regions of the nation, with the largest decrease coming in the Midwest, where the price dropped 12 cents to $3.20 per gallon. The Gulf Coast and Rocky Mountain prices were $3.07 per gallon and $3.37 per gallon, respectively, both six cents lower than last week. On the West Coast the price fell a nickel to $3.61 per gallon, and on the East Coast the price was $3.32 per gallon, a decline of four cents.
The national average diesel fuel price fell two cents to $3.87 per gallon, 16 cents lower than last year at this time. Prices in the East Coast, Midwest, and Gulf Coast regions all fell two cents, to $3.89 per gallon, $3.84 per gallon, and $3.78 per gallon, respectively. The Rocky Mountain and West Coast prices both decreased one cent, to $3.87 per gallon and $4.04 per gallon, respectively, according to EIA.
Farm Diesel softened 1 3/4 cents on the week, currently at $3.449 with just one of the twelve states in our Index unchanged, six states higher and five states lower. Our highest recorded farm diesel price on the week was in Illinois at $3.59/gallon and the regionwide low was pegged in Missouri at $3.34.
According to EIA, total U.S. inventories of propane fell by 1.2 million barrels from last week to end at 64.8 million barrels, and are 9.2 million barrels (12.4 percent) lower than the same period one year ago. Midwest regional inventories declined by 0.9 million barrels and Gulf Coast inventories decreased by 0.4 million barrels. Inventories on the East Coast increased by about 0.2 million barrels, while inventories in the Rocky Mountain/West Coast region were unchanged from the prior week.
Propylene non-fuel-use inventories represented 4.7 percent of total propane inventories.
LP moved 2 cents lower in the Inputs Monitor Index to $1.575. The lowest priced LP in our index is in Ohio at $1.42 while the high mark is at $1.77 in Illinois.
The national distillate supply fell 3.1 million barrels to 122.7 -- 4.8 million barrels above year-ago.
Graphs and indicated text provided by EIA.