U.S. Energy Information Administration (EIA) released data today relating to Fuel prices for the reporting week ended October 12, 2012.
Average national retail price for regular gasoline was three cents lower during the reporting week to $3.82/ gallon. Prices fell in all regions of the nation with the exception of the Gulf Coast region which added less than a penny nudging the price up to $3.54/gallon.
The Midwest led decliners with a nine cent dip to $3.69; West Coast gasoline finally moves lower -- down two cents to $4.39/gallon; Rocky Mountain region down a penny to $3.73 and the East Coast region showed the smallest of the declines shucking just under a penny to $3.79/gallon.
On Monday, October 8, the average retail price of regular California gasoline hit $4.66.gallon driving the entire West Coast region to its highest price since 2008 at $4.66. The dramatic upward movement of gasoline in California over the past few weeks was the result of refinery and logistical problems added to already low existing gasoline inventories. Resumption of refinery operations and an early switch to winter-grade fuel mandated by the Governor of California have prices softening all over the West Coast.
Look for a downturn in West Coast gasoline prices to inspire downturns nationwide week-over, but California's gasoline inventory in storage remains well below five-year levels. Any more disruptions could send West Coast gasoline back to the upside.
National average diesel prices higher by six cents to $4.15 during the reporting week, $0.35 higher than last year at this time. The Midwest showed the largest increase on high harvest demand -- up 11 cents to $4.15/gallon. Rocky Mountain regional diesel up seven cents to $4.27; East Coast up three cents to $4.13/gallon; West Coast diesel also down three cents to $4.35.
Gulf Coast gasoline two cents higher week-over to $4.02/gallon.
Inventory levels dropped during the reporting week on increased consumption as more Americans turned up the heat. Total propane stocks 1.3 million barrels lower week-over to 74.6 million barrels, 27% higher than a year ago.
As of Now (2:30 CT)...
Currently, November natural gas contract throwing a fit on news of the draw on inventory -- up $0.12 so far on the day to establish a day's range of $3.40-$3.59. Front month nattie continues to show it's ability to make strong moves.
November crude futures dove $1.33 and found downside support this morning at $90.67 before following natural gas futures back upward upward, bouncing 80 cents higher in two separate moves today. Currently below key support on the day at $92.08. Just like front month natural gas, November crude proves its not afraid to move.