The average residential propane price increased 4.6 cents per gallon to reach 233.8 cents per gallon. This was a decrease of 3.1 cents per gallon compared to the 236.9 cents per gallon average from the same period last year. Wholesale propane prices rose 5.6 cents per gallon, from 122.8 cents per gallon to 128.4 cents per gallon. This was an increase of 58.1 cents per gallon when compared to the December 8, 2008 price of 70.3 cents per gallon.
Propane Inventories Continue to Draw
Over the past eight weeks, propane inventories have plummeted 11.5 million barrels from a level well above the average range to near the lower boundary of the average range. Total U.S. inventories of propane fell by 1.3 million barrels last week to 61.4 million barrels. The Midwest regional stocks experienced the largest decline of 0.8 million barrels. The Gulf Coast region drew by 0.4 million barrels and the Rocky Mountain/West Coast region fell by 0.1 million barrels. The East Coast regional inventories grew slightly.