Diesel Prices on the Rise, Propane Stocks Increased

National average diesel prices as of Jan. 6, 2020 were $3.08 per gallon, up 1 cent from the week prior and up 7 cents from the year prior, according to the U.S. Energy Information Administration (EIA). 

The East Coast price rose more than 2 cents to $3.12 per gallon, and the Gulf Coast price increased 2 cents to $2.83 per gallon. The Rocky Mountain price declined more than 1 cent to $3.10 per gallon, the West Coast price fell nearly 1 cent to $3.62 per gallon, and the Midwest price fell less than 1 cent, remaining virtually unchanged at $2.98 per gallon.

At the end of 2019, crude prices were generally lower than they had been in 2018. 

According to the EIA, the international benchmark Brent crude oil futures price averaged $64 per barrel (b) in 2019, $7/b lower than its 2018 average. The U.S. benchmark West Texas Intermediate (WTI) futures price averaged $57/b in 2019, also $7/b lower than its 2018 average. Compared with recent years, both crude oil prices traded within relatively narrow price ranges in 2019. 

U.S. propane/propylene stocks increased by 0.7 million barrels last week to 88.9 million barrels as of January 3, 2020, 12.5 million barrels (16.3%) greater than the five-year (2015-19) average inventory levels for this same time of year.