The average residential propane price fell 0.7 cent per gallon to reach 267.7 cents per gallon. This was an increase of 40.3 cents per gallon compared to the same period last year. Wholesale propane prices dropped 3.3 cents per gallon to reach 134.7 cents per gallon. This was an increase of 58.9 cents per gallon when compared to the March 2, 2009 price of 75.8 cents per gallon.
After reaching a peak of 73 million barrels in October, an 11-year high, propane supplies have dropped precipitously through the winter heating season. The inventory draw appears to have tapered off last week as total U.S. inventories fell 0.5 million barrels to 26.8 million barrels. The Gulf Coast region led the decline with a 1.7 million barrel draw. All other regions realized a gain in propane inventories. East Coast stocks built by 1.0 million barrels, the Midwest region increased by 0.2 million barrels, and the Rocky Mountain/West Coast region was slightly higher.
Propane prices for the average residential use ticked up a half cent this week. The average propane price is now $2.688 per gallon. Compared to last year, that is a increase of nearly 36 cents. Wholesale propane gas prices rose just over 7 cents per gallon to reach $1.527 a gallon. This is a hugh increase of over 66 cents per gallon when compared to last years price at this time.
Propane inventories declined by 1.3 million barrels this week. This compares to the 4.8 million draw down back on January 15, 2010. Propane Gas inventories declined by almost 1 million barrels in the Gulf Coast region while the Midwest dropped about .4 million barrels. East Coast saw a slight build up in propane inventory.
The average residential propane prices jumped 12.7 cents per gallon to reach 266.1 cents per gallon. This was an increase of 35.5 cents per gallon compared to the same period last year. Wholesale propane gas prices rose 9.6 cents per gallon to reach 156.5 cents per gallon. This was an increase of 65.2 cents per gallon when compared to the January 12, 2009 price of 91.3 cents per gallon.
Propane Gas Inventories Continue to Nosedive
Propane gas supply across the country continued to fall last week. Total U.S. inventories drew by 3.5 million barrels to 46.0 million barrels total. The Gulf Coast region led the draw with 1.7 million barrels, while the Midwest region drew 1.0 million barrels of inventory. The East Coast regional propane inventories fell by 0.7 million barrels and the Rocky Mountain/West Coast region drew about 0.1 million barrels.
Current propane prices for the week ending 1/4/2010
The average residential propane price gained 7.3 cents per gallon to reach 253.6 cents per gallon. This was an increase of 22.6 cents per gallon compared to the same period last year. Wholesale propane prices rose 4.7 cents per gallon to reach 146.9 cents per gallon. This was an increase of 64.6 cents per gallon when compared to the January 5, 2009 price of 82.3 cents per gallon.
Propane Continues Seasonal Draw
Cold temperatures across the Nation led total U.S. inventories of propane to fall last week by 3 million barrels to 49.4 million barrels. The cumulative stockdraw during December totaled nearly 12 million barrels, about 2.8 million barrels higher than the most recent 5-year average, as spells of cold weather swept through some of the major propane heating regions during the month. The Midwest region drew 1.3 million barrels and the Gulf Coast region drew 1.0 million barrels. The East Coast and Rocky Mountain/West Coast regions each drew 0.3 million barrels of propane inventory.
