Weekly Petroleum Report -- 2/22/2013

February 22, 2013 05:01 AM

Crude Oil --

April 13 WTI Crude futures are moving sideways at present after taking a tumble at midweek -- down $0.09 so far today at $92.75.

According to EIA, "The average U.S. retail price for regular motor gasoline has risen 45 cents per gallon since the start of the year, reaching $3.75 per gallon on February 18. Between January 1 and February 19, the price of Brent crude, the waterborne light sweet crude grade that drives the wholesale price of gasoline sold in most U.S. regions, rose about $6 per barrel, or about 15 cents per gallon."

Propane --

Propane prices rose $0.007 to a national average of $2.490 -- $0.373 less than the same time last year.

EIA reports, "U.S. propane stocks fell 1.3 million barrels to end at 51.1 million barrels last week, yet are 6.2 million barrels (13.8 percent) higher than the same period a year ago. Gulf Coast inventories dropped by 0.6 million barrels, and Midwest regional inventories declined by 0.4 million barrels. East Coast stocks dropped by 0.3 million barrels, while stocks in the Rocky Mountain/West Coast region gained slightly.

Propylene non-fuel-use inventories represented 5.7 percent of total propane inventories."

Distillate --

Distillate supply fell 2.3 mmbbl as the heating oil season nears its close. A strong storm in the Northeast followed by a Midwestern gale this week had consumers reaching for the thermostat. Currently, the distillate supply remains within the five-year average range, but is very near the low end.

Current distillate stocks amount to 123.6 mmbbl -- a decline of 2.3 mmbbl -- 19.9 mmbbl beloweialogo the same time last year.




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