Release date: December 28, 2017 | Next release date: January 4, 2018
Happy Holidays
On behalf of the authors, support staff, and the many others at EIA who make This Week In Petroleum possible, best wishes for a safe and happy new year.
Accompanying charts and tables have been updated to reflect data from the latest Weekly Petroleum Status Report for the week ending December 22, 2017.
U.S. average regular gasoline and diesel prices rise
The U.S. average regular gasoline retail price rose 2 cents from the previous week to $2.47 per gallon on December 25, up 16 cents from the same time last year. The Midwest price climbed nearly nine cents to $2.41 per gallon, and the West Coast and Gulf Coast prices each rose nearly one cent to $2.97 per gallon and $2.17 per gallon, respectively. The Rocky Mountain price dropped nearly three cents to $2.45 per gallon, and the East Coast price fell one cent to $2.43 per gallon.
The U.S. average diesel fuel price rose slightly, remaining essentially unchanged at $2.90 per gallon on December 25, 36 cents higher than a year ago. The Gulf Coast price rose just over one cent to $2.71 per gallon, the East Coast price rose nearly one cent, remaining at $2.90 per gallon, and the Midwest price rose slightly, remaining at $2.85 per gallon. The West Coast price fell nearly two cents to $3.31 per gallon, and the Rocky Mountain price fell one cent to $2.95 per gallon.
Propane inventories decline
U.S. propane stocks decreased by 2.7 million barrels last week to 68.6 million barrels as of December 22, 2017, 8.2 million barrels (10.7%) lower than the five-year average inventory level for this same time of year. Midwest, Gulf Coast, East Coast, and Rocky Mountain/West Coast inventories decreased by 1.5 million barrels, 0.5 million barrels, 0.4 million barrels, and 0.2 million barrels, respectively. Propylene non-fuel-use inventories represented 3.9% of total propane inventories.
Residential and wholesale heating fuel prices increase
As of December 25, 2017, residential heating oil prices averaged $2.92 per gallon, 3 cents per gallon more than last week and 33 cents per gallon higher than last year's price at this time. The average wholesale heating oil price for this week averaged $2.07 per gallon, almost 7 cents per gallon more than last week and 31 cents per gallon higher than a year ago.
Residential propane prices averaged almost $2.50 per gallon, 1 cent per gallon more than last week and 28 cents per gallon higher than a year ago. Wholesale propane prices averaged $1.09 per gallon, almost 6 cents per gallon more than last week and 29 cents per gallon higher than last year's price.
For questions about This Week in Petroleum, contact the Petroleum Markets Team at 202-586-4522.
Retail prices (dollars per gallon)
| Retail prices | Change from last | ||
|---|---|---|---|
| 12/25/17 | Week | Year | |
| Gasoline | 2.472 | 0.022 | 0.163 |
| Diesel | 2.903 | 0.002 | 0.363 |
| Heating Oil | 2.920 | 0.033 | 0.333 |
| Propane | 2.497 | 0.012 | 0.284 |
Futures prices (dollars per gallon*)
| Futures prices | Change from last | ||
|---|---|---|---|
| 12/22/17 | Week | Year | |
| Crude oil | 58.47 | 1.17 | 5.45 |
| Gasoline | 1.762 | 0.107 | 0.136 |
| Heating oil | 1.969 | 0.065 | 0.306 |
| *Note: Crude oil price in dollars per barrel. | |||
Stocks (million barrels)
| Stocks | Change from last | ||
|---|---|---|---|
| 12/22/17 | Week | Year | |
| Crude oil | 431.9 | -4.6 | -54.2 |
| Gasoline | 228.4 | 0.6 | 1.2 |
| Distillate | 129.9 | 1.1 | -21.7 |
| Propane | 68.634 | -2.711 | -18.235 |