Residential heating oil prices moved higher during the report week. The average residential heating oil price climbed another $0.018 cents to $4.153 per gallon -- $0.109 cents per gallon higher than the same time last year. Wholesale heating oil prices decreased -- $0.029 cents per gallon higher to $3.373 per gallon -- still $0.110 cents per gallon above last year at this time.
Distillate stocks fell by 2.3 million barrels (mmbbl) to 123.6 mmbbl -- declineing 19.9 mmbbl below year-ago levels at last year. Production slid 0.085 mmbbl to end the report week lower at 4.272 mmbbl/day -- 0.024 mmbbl/day below year-ago.
The average residential propane price increased by $0.007 cents last week to $2.490 per gallon -- $0.373 cents per gallon below the same period last year. Wholesale propane prices climbed $0.014 cents to $0.982 per gallon -- $0.183 cents per gallon lower than year-earlier.
Propane stocks fell by 1.335 mmbbl to register a week-week decline to 51.076 mmbbl -- that's still 6.192 mmbbl above year-ago and remains well above the five-year average.
Propane demand outpaced production again during this report week. This should continue into next week as a major winter storm is dropping several inches of snow across the nation's midsection with another, milder snow event expected late in the coming weekend.
According to EIA, temperatures during the report week were 2.4 degrees warmer than the 30- year normal temperature and 3.3 degrees warmer than the same period last year. Temperatures in the Lower 48 states averaged 38.3 degrees, compared to 35.0 degrees last year and the 30-year normal of 35.9 degrees. During the week all regions with the exception of the Pacific and Mountain Census divisions were warmer than normal.
The West North Central and East North Central Census divisions in the Midwest were relatively warm, averaging 7.0 and 5.9 degrees warmer, respectively, than the 30-year normal. In the West, the Pacific and Mountain Census divisions were relatively cool, averaging 4.6 and 3.9 degrees cooler, respectively, than the 30-year normal.
Heating degree-days nationwide were 7.8 percent below normal and 10.0 percent below last year.