The average residential propane price increased 4.8 cents per gallon to reach 240.3 cents per gallon. This was an increase of 7.3 cents per gallon compared to the same period last year. Current propane prices increased 6.2 cents per gallon to reach 131.0 cents per gallon. This was an increase of 45.7 cents per gallon when compared to the December 22, 2008 price of 85.3 cents per gallon.
Propane Inventories Draw Again
Total U.S. inventories of propane continued to decline last week, falling 3.4 million barrels to 54 million barrels. The Gulf Coast region drew 2.1 million barrels of propane stocks and the Midwest region declined 1.2 million barrels. The East Coast stocks dropped by 0.3 million barrels and the Rocky Mountain/West Coast region gained slightly.