Propane Prices

The average residential propane price rose 6.2 cents per gallon to reach 246.6 cents per gallon. This was an increase of 14.9 cents per gallon compared to the same period last year. Wholesale propane prices increased 11.2 cents per gallon to reach 142.2 cents per gallon. This was an increase of 61.5 cents per gallon when compared to the December 29, 2008 price of 80.7 cents per gallon.

Propane Inventories Fall
Propane inventories in the U.S. fell by 1.5 million barrels last week to 52.5 million. The largest draw of 1.1 million barrels occurred in the Gulf Coast region. The Midwest regional stocks fell by 0.5 million barrels and the Rock Mountain/West Coast region drew slightly. The East Cost regional stocks built by 0.1 million barrels.

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Heating oil accounts for about 25% of the yield of a barrel of crude oil, the second largest cut after gasoline (petrol). The heating oil futures contract trades in units of 42,000 U.S. gallons (1,000 barrels) and (for the USA) is based on delivery in the New York harbor. Options on futures, calendar spread options contracts, crack spread options contracts, and average price options contracts give market participants even greater flexibility in managing price risk.The heating oil futures contract is also used to hedge diesel fuel and jet fuel, both of which trade in the cash market at an often stable premium to NYMEX Division New York Harbor heating oil futures.

source: NYMEX Inc

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Here are the current propane prices as reported by the EIA for the week ending 11/16/2009

Residential Propane Prices Increase

The average residential propane price rose 2.7 cents per gallon to reach 224.0 cents per gallon. This was a decrease of 20.3 cents per gallon compared to the 244.3 cents per gallon average from the same period last year. Wholesale propane prices dropped 2.1 cents per gallon, from 119.1 cents per gallon to 117.0 cents per gallon. This was an increase of 32.8 cents per gallon when compared to the November 17, 2008 price of 84.2 cents per gallon.

Propane Inventories Experience Large Drop
After reaching an 11-year high in October, inventories of propane settled in the lower half of the average range for this time of year, as seasonal demand increases. Total U.S. propane inventories fell by 2.9 million barrels to 65.5 million barrels. The Midwest regional stocks drew 1.6 million barrels and the Gulf Coast region drew 1.4 million barrels. The Rocky Mountain/ West Coast region drew 0.1 million barrels of inventory and the East Coast regional stocks experienced a build of 0.2 million barrels. Propylene non-fuel use inventories increased their share of total propane/propylene inventories from 3.3 percent to 3.4 percent.

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Inventories of propane fell for the fourth week in a row after peaking in early October, the highest level since November 1998. Total U.S. propane inventories fell 1.2 million barrels to 68.4 million barrels. The Gulf Coast regional stocks fell 0.7 million barrels, while the Midwest region dropped by 0.6 million barrels. Inventories in the East Coast region drew 0.1 million barrels while the Rocky Mountain/West Coast region added 0.2 million barrels of inventory. Propylene non-fuel use inventories decreased their share of total propane/propylene inventories from 3.4 percent to 3.3 percent.
source:Energy information Agency

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