This Week in Petroleum

Source:  Energy Information Administration
Released on February 24, 2010
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Propane Inventories Continue to Decline
Winter weather continued to whittle away at U.S. inventories of propane with a stock draw that measured almost 2.3 million barrels, leaving total stocks at 27.4 million barrels and further below the lower limit of the average range. The largest decline was in the Midwest region with a 1.6 million barrel draw. The East Coast regional stocks fell by 1.0 million barrels, while the Rocky Mountain/West Coast region declined by 0.3 million barrels. The Gulf Coast region added 0.6 million barrels of inventory. Propylene non-fuel use inventories increased their share of total propane/propylene stocks from 8.7 percent to 10.0 percent, a level last seen in March 2007.

Residential Heating Oil Prices Increase
Residential heating oil prices increased during the week ending February 22, 2010. The average residential heating oil price gained 4.9 cents per gallon to reach 290.4 cents per gallon, 67.1 cents per gallon higher than the same time last year. Wholesale heating oil prices jumped 15.0 cents per gallon to reach 215.8 cents per gallon, 85.8 cents per gallon higher than at this time last year.

The average residential propane price fell 0.8 cent per gallon to reach 268.3 cents per gallon. This was an increase of 39.1 cents per gallon compared to the same period last year. Wholesale propane prices dropped 0.6 cent per gallon to reach 138.0 cents per gallon. This was an increase of 60.9 cents per gallon when compared to the February 23, 2009 price of 77.1 cents per gallon.

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