Weekly Heating Fuels Report -- 11/01/2012

November 1, 2012 10:37 AM

Residential heating oil prices eased $0.038 over the week to $3.992 -- $0.142 higher year-over. Wholesale heating oil also down -- $0.018 lower week-over to $3.228; $0.070 higher year-over.

The average price of residential propane was $0.001 higher week-over at $2.384 -- $0.431 below the same time last year. Wholesale propane also firmer week-over -- up $0.021 week-over to $1.020, $0.488 less than last year.

Temperatures during the storage report week were 4.4 degrees warmer than the 30-year normal temperature and 3.9 degrees warmer than the same period last year. Temperatures in the lower 48 States averaged 58.7 degrees, compared to 54.9 last year and the 30-year normal of 54.3 degrees. While overall temperatures were a few degrees warmer than normal, temperatures varied somewhat across Census divisions.

In the Midwest, the East North Central Census division was particularly warm, averaging 7.0 degrees warmer than the 30-year normal. In the West, the Pacific Census division was relatively cool, averaging 1.7 degree cooler than the 30-year normal. Heating degree-days nationwide were 32.5 percent below normal and 27.3 percent below last year.

More than one Monitor reader has reported to your Editor switching propane dealers after comparing their local price to that of the Monitor's Regional Index, saving them hundreds of dollars over the year in home heating. Note that while changing heating fuel providers often leads to the installation of a new tank, Inputs Monitor recommends leasing the tank rather than buying it. Most retailers provide the option to lease and we strongly recommend consumers go that route.

Stay tuned to your Inputs Monitor for more home heating pricing action throughout the season. Arm yourself with competitive pricing when you book your heating fuel needs this year, and take the savings to the bank.


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