Petroleum Report: WTI, Gasoline & Diesel All Move Lower, Brent Firms

June 19, 2013 11:37 AM

Crude Oil --

July 2013 WTI crude oil futures opened today at $98.59 and chopped higher for the day, testing resistance at $99.01 before fading to end the day down 51 cents all told at $97.93.

July 13 Brent crude oil futures opened today at $103.23 and moved 67 cents higher, settling at $103.90.

Fuels --

According to EIA, the U.S. average retail price of regular gasoline decreased three cents to $3.63 per gallon as of June 17, 2013, up nine cents from last year at this time. The Midwest price decreased 13 cents to $3.74 per gallon, and the Rocky Mountain price is lower by three cents at $3.69 per gallon. Prices on the East and West Coasts both increased by a penny, to $3.50 and $3.89 per gallon, respectively. Rounding out the regions, the Gulf Coast price is $3.38 per gallon, up four cents from last week.

The national average diesel fuel price decreased one cent to $3.84 per gallon, 11 cents higher than last year at this time. The East Coast price fell less than a penny to remain at $3.84 per gallon. The Gulf Coast price is $3.74 per gallon, one cent lower than last week. Midwest and Rocky Mountain prices both fell two cents, to $3.86 and $3.85 per gallon, respectively. Rounding out the regions, the West Coast price is up one cent to $3.95 per gallon.

Farm Diesel moved slightly lower with 7 of 12 states in our Index unchanged week-over. The regional average price as reported by your Inputs Monitor stands at $3.427/gallon -- down just $0.008 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 3.5 million barrels from last week's revised total of 49.7 million barrels to end at 53.1 million barrels, but are 6.4 million barrels (10.8 percent) lower than the same period a year ago. The Midwest region led the gain with 1.8 million barrels, while Gulf Coast stocks increased by 1.2 million barrels. East Coast inventories increased by 0.3 million barrels, and Rocky Mountain/West Coast stocks gained by 0.1 million barrels from last week's revised inventories of 1.4 million barrels. disstuss6 19

Propylene non-fuel-use inventories represented 5.7 percent of total propane inventories.

LP moved $0.003 lower in this week's Monitor to $1.437.

Distillate --

The national distillate supply fell by 0.5 million barrels to 122.6 million barrels in storage, but remains 0.5 million barrels above year-ago.




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