U.S. Energy Information Administration (EIA) released data today relating to fuel prices for the week ended October 5, 2012. All areas of the nation enjoyed declines in retail gasoline prices, but record setting gains on the West Coast pushed the national average up five cents. National average diesel price was up a penny and a half week-over.
Average retail price for regular gasoline was five cents higher last week to $3.85/gallon, 43 cents per gallon higher than the same period last year. Gulf Coast and Rocky Mountain gasoline both down two cents - Gulf Coast at $3.54/gallon, Rocky Mountain region at $3.75. Midwest gasoline down a penny to $3.77/gallon and East Coast shows the slightest decline, down less than a penny week-over to $3.80/gallon.
The West Coast region threw a monkeywrench in the system posting the largest one week increase since EIA began tallying these numbers. West Coast gasoline up 33 cents week-over to $4.41/gallon on the heels of skyrocketing California gasoline.
National average diesel prices higher by a penny and a half last week to $4.09/gallon, up thirty seven cents over the same time last year. Rocky Mountain highway diesel registers the only decline, down a penny week-over to $4.19/gallon. West Coast diesel more modest than WC gasoline, up only two cents to $4.32/gallon.
The largest increase came in the Midwest region on stronger demand during harvest - three cents higher to $4.04/gallon. East Coast diesel up two cents to $4.10.
Gulf Coast diesel unchanged week-over, remaining at $4.00/gallon.
Inventory levels increased slightly last week adding 0.3 million barrels to end at 75.9 million barrels. The majority of gains came in the Gulf Coast region which added 0.7 million barrels to storage. East Coast added 0.1 million barrels; Rocky Mountain/West Coast regional supply both up only slightly again week-over.
Propylene non fuel-use inventories represented 5.8% of total propane stores.
As of Now...
Currently, November natural gas contract rallying - opening today, October 12, 2012, at $3.61 after posting a new top yesterday on huge gains. Look for November nattie to find a new range between $3.56 and $3.64. But if this near-contract natural gas finds its way above $3.65, recent price activity suggests it could jump as much as 15 cents which would place near-contract futures closer to $3.80. November natural gas is one to watch in the coming week. Currently at $3.59 (10 am CT).
November crude moving sideways after a run at the upside Wednesday - yesterday's range $91.65 to $92.64. Nov crude opened today at $92.41, currently at $92.25 (10 am CT).