Weekly Petroleum Report -- Week Ended 10/19/2012

October 25, 2012 04:56 AM
 

U.S. Energy Information Administration released data today relating to Petroleum prices for the reporting week ended October 19, 2012.

Gasoline-

Average national retail price for regular gasoline was thirteen cents lower during the reporting week to $3.69/gallon. Prices fell in all regions of the nation with the Midwest leading declines -- down $0.20 to $3.49 -- the largest week-over decline since November 3, 2008.

Gulf Coast gasoline shed a dime/gallon to $3.45; East Coast nine cents lower to $3.70; Rocky Mountain gasoline down three cents/gallon to $3.71; West Coast down an inspired fifteen cents/gallon to $4.25 as production continues to stabilize in California.

Highway Diesel-

National average diesel prices lower by three cents to $4.12 during the reporting week, $0.29 higher than last year at this time. The Midwest and West Coast regions both down a nickel/gallon to $4.10 and $4.30 respectively. Rocky Mountain highway diesel three cents lower to $4.24; East Coast and Gulf Coast both down two cents to $4.11 in the East and an even four dollars/gallon at the Gulf.

Propane-

Inventory levels dropped 0.2 million barrels to end the reporting week at 74.5 million barrels -- 26% higher than year-over. Midwest regional propane inventories were the only actual declines week-over, falling 0.4 million barrels.

Every other region showed gains as the nation stocks up for winter. Gulf Coast stocks 0.3 higher; East Coast, Rocky Mountain and West Coast stocks all up only slightly.

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

Futures...

Currently, front-month November natural gas contract trending back to the low side after sliding nearly twenty cents from $3.64 on Monday -- softer today in early morning action. Downside support has been violated so look for Nov nattie to range between $3.40 and $3.50 -- possibly even lower. But if nattie catches a draft, 10+ point moves to the upside are almost certain. I look for front month natural gas contract to establish its range and stay below $3.50 for today and tomorrow, Friday.

December contract crude moves to the front month this week and has spent the week trending to the low side shucking nine dollars throughout this week. Dec crude topped resistance at $86.73 earlier this morning but the technicals favor soft December crude. Look for a range between $85.00 and $87.50. Crude has shown a tendency to drop incrementally by around $2.00 each day, but yesterday established strong support at $85.00 so I look for Dec crude to move sideways for a few days.


 

 

 


Back to news


Comments

 
Spell Check

No comments have been posted to this News Article

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close