Weekly Petroleum Report - Week Ended 9/28/12

October 4, 2012 04:42 AM
 

U.S. Energy Information Administration (EIA) released data today relating to Fuel prices for the week ended September 28, 2012. Gasoline and highway diesel both down for the second week in a row led by declines in Gulf Coast gasoline; propane stocks continue to build.

Gasoline-

Average retail price for regular gasoline was down two cents last week to $3.80/gallon, 37 cents per gallon higher than the same period last year. Gulf Coast led declines week-over-week, lower five cents to $3.56/gallon; East Coast gasoline three cents lower to $3.80; Midwest gasoline - lower three cents to $3.78/gallon. Rocky Mountain region down less than a penny to $3.77.

West Coast region showed the only upward movement - average prices rose two cents to $4.08/gallon.

Highway Diesel-

National average diesel prices were lower a penny last week to $4.08/gallon, thirty three cents over the same time last year. The West Coast region down two cents to $4.30; Rocky Mountain region also two cents lower to $4.21; East Coast regional fell a penny to $4.08/gallon. Midwest diesel less than a penny lower on the week to $4.01/gallon.

Gulf Coast diesel showed the only increase, up less than a penny to $4.00/gallon.

Propane-

Inventory levels received a boost last week increasing by 1.3 million barrels to 75.6 million barrels - 18.1 million barrels (32%) higher year-over-year. The biggest addition came in the Gulf Coast region adding 0.9 million barrels. Midwest regional supply up 0.4 million barrels; Rocky Mountain/West Coast regional supply both up 0.2 million barrels.

East Coast inventory fell by 0.1 million barrels, the only decline week-over-week.

Propylene non fuel-use inventories represented 6.0% of total propane stores.

As of Now...

November natural gas (NGX12.NYM) choppy - opening today, October 4, 2012, at $3.39 finding resistance at $3.45 -- currently (9:30 CT) at $3.43. Prices should continue to soften on news of strong supply in storage.

November crude oil (CLX12.NYM) also very choppy today, trending higher, currently (9:30 CT) at $88.94 -- Nov crude opened today at $88.01. After spending the last five days flirting with $93.00, crude fell sharply yesterday to $87.91, today making its way slowly back upward. I do not expect crude to to push higher than $93.00 this week.


 

 

 


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