Residential heating oil prices decreased by nearly 4 cents per gallon last week during the period ending October 28, 2013, to reach $3.82 per gallon, according to This Week in Petroleum, published by the Energy Information Administration (EIA). That price is 19 cents per gallon lower than the price at the same time last year. Wholesale heating oil prices decreased by 9 cents per gallon, arriving at just under $3.02 per gallon.
The average residential propane price increased by 3 cents per gallon last week to reach $2.41 per gallon, 19 cents per gallon higher than the same period last year. Wholesale propane prices increased by almost 4 cents per gallon to reach $1.31 per gallon for the week ending October 28, 2013.
Total U.S. inventories of propane fell by 1.2 million barrels from last week to end at 64.8 million barrels, and are 9.2 million barrels (12.4 percent) lower than the same period one year ago. Midwest regional inventories declined by 0.9 million barrels and Gulf Coast inventories decreased by 0.4 million barrels. Inventories on the East Coast increased by about 0.2 million barrels, while inventories in the Rocky Mountain/West Coast region were unchanged from the prior week. Propylene non-fuel-use inventories represented 4.7 percent of total propane inventories.
Also in the report, the U.S. average retail price of regular gasoline decreased seven cents to $3.29 per gallon as of October 28, 2013. That price is 27 cents lower than last year at this time, and the lowest price since December 24, 2012, the EIA notes. Prices fell in all regions of the nation, with the largest decrease coming in the Midwest, where the price dropped 12 cents to $3.20 per gallon. The Gulf Coast and Rocky Mountain prices were $3.07 per gallon and $3.37 per gallon, respectively, both six cents lower than last week. On the West Coast the price fell a nickel to $3.61 per gallon, and on the East Coast the price was $3.32 per gallon, a decline of four cents.
The national average diesel fuel price fell two cents to $3.87 per gallon, 16 cents lower than last year at this time. Prices in the East Coast, Midwest, and Gulf Coast regions all fell two cents, to $3.89 per gallon, $3.84 per gallon, and $3.78 per gallon, respectively. The Rocky Mountain and West Coast prices both decreased one cent, to $3.87 per gallon and $4.04 per gallon, respectively.
