Weekly Heating Fuels Report -- 11/28/2012

November 28, 2012 08:07 AM

Residential and wholesale heating oil prices moved slightly higher during the report period ending November 26, 2012. Residential propane moved slightly higher while wholesale propane declined. U.S. propane stocks present a pretty picture, increasing in inventory and production and declining slightly in demand.disstkus1128

Residential heating oil prices moved higher during the report week -- up 0.029 to $4.004 per gallon -- up 0.108 over last year. Wholesale heating oil up 0.045 to $3.250 -- 0.186 over the same time last year.

The average residential propane price increased by just 0.009 last week to $2.414 per gallon, 43 cents per gallon lower than the same period last year for the second straight week. Wholesale propane prices posted the only decrease in week-over pricing, down 0.024 to $0.923 per gallon for the week, almost 53 cents per gallon lower than the year-ago price.

U.S. Distillate stocks are well below five-year levels, currently at 112.0 mmbbl while production and demand declined. Total distillate production down 0.108 to 4.561 mmbbl on weaker demand -- demand/consumption down 0.364 week-over to 3.387 mmbbl.

prostkus1128U.S. Propane stocks are above five-year levels at 72.847 mmbbl -- up 0.181 week-over. Stocks moved a whopping 13.076 mmbbl above year-ago levels for the report week signaling moderating price action ahead on diminished demand and increased production. Total production week-over up 0.017 to 1.291 mmbbl -- 0.098 higher over last year, and weaker demand completes the propane hat trick -- demand/consumption 0.092 lower to 1.263 mmbbl.



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