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 24, 2021.

U.S. average regular gasoline and diesel prices decrease

The U.S. average regular gasoline retail price decreased 2 cents to $3.28 per gallon on December 27, $1.03 higher than a year ago. The Gulf Coast price decreased more than 3 cents to $2.91 per gallon, the Rocky Mountain price decreased more than 2 cents to $3.39 per gallon, the Midwest and West Coast prices each decreased nearly 2 cents to $3.03 per gallon and $4.13 per gallon, respectively, and the East Coast price decreased more than 1 cent to $3.24 per gallon.

The U.S. average diesel fuel price decreased more than 1 cent to $3.62 per gallon on December 27, 98 cents higher than a year ago. The Rocky Mountain price decreased nearly 3 cents to $3.70 per gallon, the Midwest price decreased more than 1 cent to $3.48 per gallon, the West Coast price decreased 1 cent to $4.37 per gallon, and the East Coast and Gulf Coast prices each decreased nearly 1 cent to $3.60 per gallon and $3.33 per gallon, respectively.

Propane/propylene inventories decline

U.S. propane/propylene stocks decreased by 3.6 million barrels last week to 66.5 million barrels as of December 24, 2021, 7.1 million barrels (9.7%) less than the five-year (2016-2020) average inventory levels for this same time of year. Gulf Coast inventories decreased by 2.8 million barrels, Midwest inventories decreased by 0.4 million barrels, and East Coast and Rocky Mountain/West Coast inventories each decreased by 0.2 million barrels.

Residential heating fuel prices increase

As of December 27, 2021, residential heating oil prices averaged nearly $3.37 per gallon, more than 2 cents per gallon above last week’s price and almost 93 cents per gallon higher than last year’s price at this time. Wholesale heating oil prices averaged nearly $2.47 per gallon, more than 11 cents per gallon above last week’s price and 86 cents per gallon above last year’s price.

Residential propane prices averaged $2.70 per gallon, less than 1 cent per gallon above last week’s price and 73 cents per gallon above last year’s price. Wholesale propane prices averaged almost $1.24 per gallon, more than 4 cents per gallon above last week’s price and more than 40 cents per gallon above last year’s price.

For questions about This Week in Petroleum, contact the Petroleum Markets Team at 202-586-4522.