Residential heating oil and propane prices have been aloft this winter than final winter. U.S. normal heating oil and propane prices this deteriorate were 17% and 11% higher, respectively, given of somewhat aloft wanton oil prices, colder winter temperatures, and reduce fuel inventories than final winter.
Prices for U.S. petroleum products such as heating oil and propane tend to follow changes in Brent wanton oil mark prices, a many widely used tellurian benchmark wanton oil price. Last winter, Brent wanton oil prices averaged $51 per barrel, though they have given increased, averaging $64/b from Oct by February. Because a tub of oil contains 42 gallons, any dollar of change in a cost of oil formula in about a 2.4 cent-per-gallon change in a cost of petroleum products such as heating oil, presumption no change in other cost components, such as refinery margins or taxes.
Although inventories of heating oil and propane have been reduce this year than final year, they have still depressed within a operation of values gifted in a prior 5 years. As of Mar 16, essence fuel oil inventories in a Northeast (Petroleum Administration for Defense Districts 1A and 1B), where many heating oil is consumed, totaled 34.2 million barrels, 23% reduce than during a same time final year. Total U.S. propane register levels were 36.8 million barrels as of Mar 16, 17% reduce than during a same time final year.
EIA’s State Heating Oil and Propane Program (SHOPP), a corner bid between EIA and state appetite offices, collects state-level residential heating oil and propane cost information in many states where residential use of heating oil and propane is common. SHOPP started in 1978 and has stretched over a years in response to larger need for timely cost information during a winter—which is quite profitable during durations of supply intrusion to heating oil and propane markets. EIA publishes residential heating oil and propane prices any week from Oct by March.
SHOPP information are used by state and sovereign governments, a press, process makers, consumers, and analysts to guard markets and to promote puncture response to supply shortages of these heating fuels during a winter months. SHOPP collects residential heating oil and propane information in 21 states. In 17 additional states, SHOPP collects propane prices though not heating oil prices, and in a District of Columbia, heating oil prices though not propane prices.
On Mar 18, EIA revised a reported residential propane cost information from Oct 2 by Dec 11, 2017, to scold unsuitable stating by respondents early in a season. The many poignant revisions were for a month of October. On average, U.S. residential propane prices were underreported by 4.6 cents per gallon in that month. A extensive list of a cost revisions is accessible on the Heating Oil and Propane Update webpage, where cost information are done accessible any Wednesday during 1:00 p.m. Eastern Time. SHOPP cost information are also accessible on the Winter Heating Fuels webpage.
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