The average residential propane price increased 1.8 cents per gallon to reach 235.5 cents per gallon. This was an increase of 1.4 cents per gallon compared to the same period last year. Wholesale propane prices fell 3.6 cents per gallon to 124.8 cents per gallon. This was an increase of 45.8 cents per gallon when compared to the December 15, 2008 price of 79.0 cents per gallon.

Inventories of Propane Experience a Large Draw
Last week propane inventories experienced the largest weekly draw since February 2007, falling below the lower limit of the average range for the first time this year. Total U.S. inventories decreased 4.0 million barrels to 57.4 million barrels. The Gulf Coast regional stocks dropped 2.2 million barrels and the Midwest region declined 1.1 million barrels. The East Coast and Rocky Mountain/West Coast regions each drew 0.3 million barrels of inventory.

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