Residential Propane Price Increases Again
Current propane prices continue to trend upward this winter. The average residential propane gas price increased 1.6 cents per gallon to reach 228.9 cents per gallon. This was a decrease of 11.2 cents per gallon compared to the 240.1 cents per gallon average from the same period last year. Wholesale propane prices gained 2.7 cents per gallon, from 120.1 cents per gallon to 122.8 cents per gallon. This was an increase of 36.9 cents per gallon when compared to the December 1, 2008 price of 85.9 cents per gallon.
Propane Inventories Decline Again
Total U.S. inventories of propane fell last week for the seventh straight week, by 0.9 million barrels, to 62.7 million barrels. The Gulf Coast realized the largest decline of 0.9 million barrels, while the Midwest regional inventories dropped 0.8 million barrels. The East Coast regional inventories grew by 0.7 million barrels and the Rocky Mountain/West Coast inventories rose slightly.