Prices for December 11th, 2009
| HEATING OIL cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | JAN | 191.96 | 188.90 | 190.85 | up 00.56 | | FEB | 194.42 | 191.26 | 193.10 | up 00.18 | | MAR | 195.75 | 193.00 | 194.77 | dn 00.07 | | APR | 197.06 | 194.10 | 195.58 | dn 00.23 | | MAY | 197.45 | 195.52 | 196.61 | dn 00.36 | | JUN | 198.73 | 196.00 | 197.67 | dn 00.37 | | JUL | 199.67 | 198.05 | 199.46 | dn 00.39 | | AUG | 202.08 | 201.62 | 201.80 | dn 00.42 | | SEP | 205.72 | 203.40 | 204.41 | dn 00.43 | | OCT | 207.25 | 206.15 | 207.13 | dn 00.40 | | NOV | 210.09 | 208.62 | 209.79 | dn 00.37 | | DEC | 212.79 | 211.30 | 212.41 | dn 00.38 | | Estimated Volume (day before) total all prev day 105,360 | | NYMEX CRUDE OIL dollars per barrel | | MONTH | HIGH | LOW | SETTLE | CHANGE | | JAN | 71.20 | 69.46 | 69.87 | dn 00.67 | | FEB | 72.97 | 71.30 | 71.95 | dn 00.37 | | MAR | 74.33 | 72.75 | 73.54 | dn 00.14 | | APR | 75.25 | 73.83 | 74.63 | dn 00.01 | | MAY | 75.96 | 74.52 | 75.39 | dn 00.01 | | JUN | 76.62 | 75.23 | 75.99 | dn 00.06 | | | | | | | | | Estimated Volume… 827,123 Opec Basket…$71.43 dn $2.27
Prompt #2 Oil NYH 88..-3.00 to -2.75, 74 Lo S…-2.50 to -2.25
US Gulf 88 grade…-4.50 to -4.25, 74 grade Lo S…-3.50 to -3.00 Group .........-3.00 to -2.50 Lo S.....-3.00 to -2.50
Chicago ......-10.00 to -9.00
cash quotes by Dow Jones | | | |
| NYMEX RBOB GASOLINE cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | JAN | 192.80 | 181.24 | 184.16 | up 00.65 | | FEB | 187.44 | 183.88 | 186.89 | up 00.71 | | MAR | 190.04 | 186.53 | 189.60 | up 00.75 | | APR | 202.06 | 199.35 | 201.90 | up 00.84 | | MAY | 203.00 | 200.30 | 203.20 | up 00.74 | | JUN | 204.34 | 201.69 | 204.28 | up 00.55 | | JUL | 204.17 | 203.40 | 204.61 | up 00.49 | | AUG | 204.27 | 204.27 | 204.73 | up 00.44 | | Estimated RB Volume day before 91,400 | | NYMEX NATURAL GAS dollars per mmBtu | | MONTH | HIGH | LOW | SETTLE | CHANGE | | JAN | 5.357 | 5.121 | 5.163 | dn 0.135 | | FEB | 5.424 | 5.197 | 5.232 | dn 0.114 | | MAR | 5.458 | 5.235 | 5.274 | dn 0.109 | | APR | 5.465 | 5.256 | 5.299 | dn 0.103 | | | Estimated Volume…day before (408,214)
Nymex statistics are based on composite Access & Day Sessions
Prompt Gasoline NYH M5 -2.25 /-2.00 RBOB +5.00 /+5.50
US Gulf M4: -4.75 to -4.25 RBOB +1.75 to +2.25
L.A. Conv Reg 197.00-198.00, N-grade Group 180.90-181.90 Chi 179.65-180.15 | |
Market Review for Friday & over the Weekend
HE oil complex was mixed on Friday, with crude oil prices lower, heating oil prices mixed and gasoline prices higher. As a week, though, it was the most bearish week in a very long time. Crude oil prices lost $5.60 a barrel over the course of the week. Heating oil prices dropped 11.83 cents a gallon last week. And gasoline prices were down 13.34 cents a gallon. In contrast, natural gas prices were up 57.7 cents per million Btu last week.
Last week’s decline in oil prices coincided with an important bottom and strong rally in the US dollar. During the oil markets’ advance, a weaker US dollar had been one of the most consistent reasons for higher oil prices. Last week, as oil prices declined, we did not hear that much about dollar-related selling in oil; there just wasn’t the ‘usual’ amount of [weak] dollar-related buying. That opened a window for the oil markets’ fundamentals to reassert themselves. Last week’s DOE report showed increases in refined products stocks and higher utilization rates. Demand increased, but not all that much.
| Fuel for Thought As Iran continues its Fabian policy of delay and vague hopes while pursuing its own agenda, the West is getting increasingly restive. Deadlines have passed and Iran has just ignored them, and it now wants to send its uranium to Russia in small batches, rather than all at once. The EU has taken the lead in rejecting Iran’s reworked proposal, and President Obama has followed suit, saying, “If Iran continues to fail to bring its nuclear program into full compliance with the requirements of the United Nations Security Council and the IAEA, there will be consequences. And we will be consulting closely with our partners to ensure those consequences are credible.” That is, of course, the hard part. Iran has said repeatedly that it does not care what new sanctions may be put into place. |
The US dollar had a very strong week (see page 7), and prices were up dramatically on Friday, effectively confirming the double bottom and upside breakout seen last week. Curiously, two pieces of bullish economic news helped to support the US currency, without pushing equities to new highs or sending oil prices higher. A week ago Friday, we had a better than expected unemployment report for the month of November. This past Friday, retail sales figures were stronger than anticipated, and they also helped the US dollar. The worm has turned; every signal that the economy is getting stronger insinuates that interest rates will be raised sooner than later, which will make the dollar more appealing as an investment, while also making equities – in businesses which need to borrow money – potentially less appealing.
A stronger economy and any resulting increase in interest rates would also start to work against the blind carry trade – the borrowing of money at little or no interest and investing it in almost anything.
Friday also saw traders buying heating oil because of the very cold temperatures that we have seen recently, and which are expected to remain with us over the next two weeks or perhaps longer.
Technicals
Only heating oil prices did not end the week with decisive breakdowns below major support. Prices finished right on the lower channel line that has offered support in this market. Crude oil and gasoline prices did break and settle below major support last week, and both broke their Dubai World lows. Heating oil still has that support at 187.00.
Dollars per barrel
Above: The second over first month contango in crude oil was at $2.08 on Friday, its highest since $2.09 on 8-14-09.
January crude oil now has buy-stops over $71.40, $73.90, $74.40, $76.10, $77.90, $78.59, $79.05, $79.95, $80.33-$80.52, $81.06, $81.58, $82.00, $84.83, $85.13, $89.82, and $90.99. Sell-stops are under $69.45, $68.88, $68.00, $65.80-$66.20, and $64.95. January heating oil has buy-stops over 192.00, 192.81, 200.85, 202.50, 204.75, 208.80, 209.70, 210.00, 211.17, 212.12, 216.07, 225.80, 227.05, 229.08, 238.95, 249.62, 251.50, 256.48, 265.89, and 273.20. Sell stops are under 188.70, 187.00, 186.50, 182.63, 177.00, 176.68, 173.75, 171.10, 170.35, 168.60, 167.65, and 166.90. January RBOB has buy-stops over 192.80, 195.41, 198.60, 204.10, 206.15, 207.62, 209.53, 211.24, 214.00, 222.70, and 228.86. Sell-stops are under 181.20, 179.20, 177.30, 175.14, 171.40, 170.25, and 168.85.
Football: The bears gained seven yards on second and nine to go on Friday, making it third and two as we start this new week.
Technical Support & Resistance
Jan crude oil Support: $69.45-$69.80, $68.85-$69.00, $68.00-$68.15, $65.80-$66.20, $64.95-$65.10.
Resistance: $71.20-$71.40, $73.70-$73.85, $74.25-$74.40, $75.90-$76.10, $77.80-$77.90.
Jan heating oil Support: 188.70-188.90, 187.00-187.15, 186.50-186.65, 182.60-182.75, 177.00-177.15.
Resistance: 191.80-192.00, 192.65-192.81, 200.70-200.85, 202.35-202.50, 204.60-204.75.
Jan Rbob Support: 183.90-184.10, 182.40-182.55, 181.20-181.35, 179.20-179.35, 177.30-177.45.
Resistance: 192.65-192.80, 195.16-195.41, 198.50-198.60, 203.77-204.10, 205.10-205.25.
Oil Inventory Reports
This week’s DOE report has seen more declines than increases in refinery utilization, so we have to go with the averages. Even when lumped all together, the average change in utilization over the last eight years has been a decline of 1.15%. Taken as a whole, the period at the end of the year, from Thanksgiving to New Year’s traditionally sees some increase in refining rates; it’s just that this is an especially poor week for that. Inventories do not have any especially strong tendencies for this week, but there have been much larger decline in crude oil stocks than there have been builds.
Distillate stocks are now 30.4 million bbls, or 22.20%, higher than a year ago. Heating oil inventories are 8.7 mln bbls, or 20.76%, higher than they were a year ago. Gasoline stocks are 11.6 mln bbls (up 5.67%) higher against a year ago. Crude oil stocks are now 14.1 million bbls, or 4.38%, higher than a year ago. Residual stocks are 2.2 mln bbls (5.73%) lower than a year ago, jet fuel stocks are 4.6 mln bbls, (12.13%) higher than a year ago. Utilization is 4.64% lower than a year ago and 9.90% below the eight-year average. It is 12.18% lower than the four-year, pre-Katrina average and 7.63% below the average after it.
Last Week’s Demand:
Four-week, total refined products demand came in at 18.499 million bpd, up 0.008 mln bbls on the week, and down 0.563 mln bpd and 2.95% against a year ago. Eight weeks ago, it was 0.900 mln bpd and 5.03% higher than a year ago. Four-week gasoline demand is at 9.016 mln bpd, up 1.22%, compared to up 6.23% eight weeks ago. Four-week distillate demand is now at 3.541 mln bpd, down 8.34%, compared to down 14.80% four weeks ago. Four-week jet demand is now at 1.425 mln bpd, down 0.70%, compared to up 0.14% a week ago and 1.61% two weeks ago. Four-week residual fuel demand is at 0.505 mln bpd, down 7.14%, compared to down 1.19% three weeks ago. Propane use is up 18.72%, at 1.408 mln bpd, compared to being up 17.63% three weeks ago. Demand was mostly higher, except for distillate.
Last Week’s API Report:
This week’s API report showed a draw of 5.815 mln bbls in crude oil stocks, a build of 1.011 mln bbls in distillate stocks and a draw of 0.753 mln bbls in gasoline inventories. Utilization was up 1.3% to 81.4%. Implied demand came in at a blistering 9.838 mln bpd in gasoline and at 4.060 mln bpd in distillate. Crude oil imports were up 1.091 mln bpd to 9.541 mln bpd, which led to the big build in crude oil stocks. That was a bearish figure, with gas demand positive.
DOE Weekly Inventory Statistics
| Category | Final DOE Estimate
This Week’s Estimate | History
Last Year’s Report | Most Recent Changes
This Week’s DOE Report | Versus A Year Ago
Millions of Barrels |
| Distillate | dn 0.50 to 1.00 mln bbls | up 2.936 | up 1.619 mln bbls | up 30.400 |
| Gasoline | up 1.75 to 2.25 | up 1.295 | up 2.253 | up 11.600 |
| Crude oil | dn 1.00 to 2.00 | up 0.525 | dn 3.823 | up 14.100 |
| Utilization | dn 0.0% to 0.5% | dn 3.3% at 84.1% | up 1.44 at 81.10% | |
| Crude Imports | up 0.250 to 0.750 mmbd | dn 0.286 to 9.673 | dn 0.264 to 8.137 mln bpd | |
| DOE Distillate Demand | 3.320 mln bpd | dn 259,000 | Gasoline Demand | 9.012 mln bpd | up 069,000 |
| DOE Distillate Production | 3.994 mln bpd | up 090,000 | Gasoline Production | 9.163 mln bpd | up 138,000 |
| DOE Distillate Imports | 0.185 mln bpd | up 049,000 | Gasoline Imports | 0.750 mln bpd | dn 350,000 |
Source: US Department of Energy’s Energy Information Administration
Open Interest Analysis
Crude oil open interest fell by 15,153 contracts on Thursday, when prices were lower. That looks like long liquidation, which would be potentially supportive.
Heating oil open interest fell by 2,208 contracts on Thursday, when prices were lower. That looks like long liquidation, which would be supportive.
RBOB open interest fell by 2,046 contracts on Thursday when prices were lower. That looks like long liquidation, which would be constructive.
Natural gas open interest fell by 6,269 on Thursday, when prices were higher. That looks like short-covering, which would be bearish. Most open interest changes over the last few weeks have been bearish.
Thursday’s Open Interest Changes:
Crude 1,197,587 dn 15,153 Heat 306,471 dn 2,208 RBOB 234,710 dn 2,046 Nat gas 707,089 dn 6,269
CFTC Commitments of Traders for Nymex (for the period ended Tuesday, Dec 8th)
We have changed our section on commitments of traders, and will be modifying into 2010 to deal with new details.
In the latest CFTC Commitments of Traders report, on the ICE, Producers added 17,359 new long and added 31,171 short futures contracts. Swap Dealers liquidated 786 long and covered 5,816 short futures contracts. Managed Money liquidated 1,762 longs and covered 9,852 shorts. That shows heavy producer selling. On the Nymex, Managed Money liquidated 11,080 longs and added 11,645 shorts, while Producers added 2,997 longs and added 2,104 shorts. Swap Dealers bought 9,676 longs and added 1,651 shorts, making them the best buyers. Crude oil prices dropped $5.75 over the latest period, so it seems that liquidation and new selling by managed money accounts was the best selling. Other reportables did the best buying as prices dropped, adding 10,082 longs and covering 4,067 shorts. New producer selling was the motive force, and was bearish.
In heating oil, combining all platforms, Managed Money accounts were kicking out both longs and shorts, liquidating 4,091 longs and covering 2,685 shorts. Producers bought into weakness, as prices dropped 8.71 cents, adding 1,233 new longs and only 202 new shorts. Swap Dealers were also buying into the weakness, adding 1,880 new longs and 568 new shorts. Managed money long liquidation was the best selling in this market.
In gasoline, combining all platforms, Producers added 874 longs and covered 14,134 shorts. Swap dealers liquidated 1,217 longs and covered 385 shorts. Managed Money accounts liquidated 11,526 longs and covered 502 new shorts. Other reportables liquidated 838 longs and covered 688 shorts. Here, managed money long liquidation generated the best new selling. In both refined products, it was liquidation of managed money accounts pushing prices lower. It is potentially bullish.
Natural Gas & Utility Generation
After a week of mostly higher prices, longs took profits on Friday, largely as an act of recalling that prices had, until recently, been trending lower. There was also some technical disappointment when prices broke above $5.32 but were unable to maintain themselves there. Friday’s activity now raises the bar for the bulls, which must now break and settle above Friday’s high at $5.375 to give us a strong picture on the charts. It would begin, though, with a finish over $5.32.
On Friday, commercials and managed money accounts were reportedly selling near the day’s highs, which offered fresh high levels (not seen in a long time) at which to sell. The new high levels were the result of three factors working together. The first was the sustained cold weather, which has been a bullish feature over the last several sessions. The second was a very promising EIA underground storage report on Thursday, the best one seen in a very long time. Although it did not equal or exceed last year’s draw or the average draw seen over any number of years, it was the biggest draw seen so far this heating season and it did exceed every average of expectations. With this week’s report likely to have included more days with colder readings, there is every reason to expect that this week’s figures will also be supportive. And, with colder-than-normal readings expected ahead, we expect to see prices try to continue moving higher over the near or intermediate terms. Volume was also heavy last week on the upside, and that is considered supportive.
As we noted last week, here, sustained weather, either cold in the winter or extreme heat during summer, has a way of getting good mileage on the upside with prices. Traders discount the temperatures coming, discount them again once they are physically felt and then relive them again when the EIA underground storage numbers reflect them. That gives them “legs” in this market as they are discounted repeatedly by traders. Right now, most forecasts are still calling for colder-than-normal readings over the next two or three weeks, and that is supportive.
In cash trading on Friday, Henry Hub prices were at $5.13-$5.41, up $0.18-$0.28 on the day (DJN). SoCal prices were at $5.35-$5.60, up $0.10-$0.20 on the day. El Paso Permian prices were up $0.13-$0.15 at $5.15-$5.31. Katy prices were up $0.19-$0.19 at $5.11-$5.39. Waha prices were up $0.13-$0.20 at $5.17-$5.35. Transco 6 was down $1.25-$1.60 to $6.00-$6.75/mmBtu, according to Dow Jones News (DJN). Cash prices were down on pipelines into the Northeast as forecasts for bitterly cold readings dissipated into the weekend and as we start this new week. It is still on the colder side.
Palo Verde prices were last quoted at $46.50-$49.25/mwh. Northeastern prices last traded at $44.00-$57.00. Entergy was last at $42.00-$43.00. Ercot was last at $40.50-$41.75/mwh.
Support is at $5.12-$5.14, $4.96-$4.99, $4.83-$4.85, $4.64-$4.66, $4.40-$4.43, $4.15-$4.17, $4.05-$4.08, $3.73-$3.75, $3.66-$3.68, $3.50-$3.53, $3.44-$3.46, $3.28-$3.32, $2.91-$2.93, $2.80-$2.82, $2.74-$2.75, $2.69-$2.70, $2.62-$2.64, and $240-$2.43. Resistance is at $5.31-$5.32, $5.36-$5.38, $5.55-$5.57, $5.62-$5.63, $5.82-$5.86, $5.96-$6.01, $6.15-$6.17, $6.34-$6.37, $6.65-$6.69, $6.90-$6.94, $7.01-$7.04, $7.28-$7.31, and $7.34-$7.36.
Jan Natural Gas: Support: $5.12-$5.14, $4.96-$4.99, $4.83-$4.85, $4.84-$4.86, $4.64-$4.66, $4.40-$4.43.
Resistance: $5.31-$5.32, $5.36-$5.38, $5.55-$5.57, $5.62-$5.63, $5.82-$5.86, $5.96-$6.01.
Natural gas prices broke but did not settle above $5.32 for a second day on Friday. That is for this week to try.
Dollars per million Btu
The oscillators show natural gas prices approaching overbought levels, although they are not yet there.
Dollars per million Btu
EIA Weekly Storage Figures
Last week’s EIA report showed a draw of 64 bcf on expectations for a draw of 47-48 bcf. Stocks are now 472 bcf higher than a year ago, against a surplus of 470 bcf a week ago, a surplus of 404 bcf two weeks ago and a surplus of 347 bcf three weeks ago. Stocks are now 14.30% higher than a year ago. They are 487 bcf and 14.54% above the five-year average.
For this week, the eight-year average was a draw of 119.88 bcf. The five-year average was a draw of 120.2 bcf. Last year, there was a draw of 124 bcf.
EIA Report
| Region | 12-04-09 | 11-27-09 | Change | Last Year | 5 Yr Avg |
| Cons East | 2061 | 2092 | dn 31 | 1879 | 1870 |
| Cons West | 517 | 526 | dn 09 | 465 | 436 |
| Producing | 1195 | 1219 | dn 24 | 956 | 954 |
| Total US | 3773 | 3837 | up 64 | 3301 | 3260 |
Bcf, or Billions of cubic feet. Source: Energy Information Administration, US Department of Energy
News & Views
| In trading on Nymex, January crude oil prices were down $0.71 at $69.16/barrel at 8:30 AM EST, this morning. January heating oil prices were up 0.28 cents to 1.9113/gallon. January RBOB prices were down 1.14 cents to $1.8302. January natural gas prices were up $0.157 to $5.320/mmBtu. The heating fuels were higher in trading this morning, as traders reacted to cold temperatures – both here and on the horizon. Crude oil and gasoline prices were lower, as the factors that pushed them lower reasserted themselves. In trading in Asia overnight, there was talk about the demand that never really materialized, but which had been expected since March. As the stock market prices rallied last spring, investors very quickly drew straight lines through economic recovery to higher oil demand. Now, nine months later, that demand has still not arrived. Cold weather was supporting heating oil, but inventories are high there, as well. 
Crude oil prices were lower again on Friday, and the trend is now clearly pointed lower. Prices are oversold, but not by enough, yet, to expect any rally to be long-lived. | 
Heating oil prices were right on top of their channel-line support with their close on Friday. If prices settle much lower today, there will be a clear breakdown in this market. DOE History: Distillate stocks have fallen in four of the last eight years, by an average of 1.975 mln bbls. The eight-year average is a draw of 0.220 mln bbls. Gasoline stocks rose in five of the last eight years, for a five-year average build of 1.799 mln bbls and an eight-year average build of 0.962 mln bbls. Crude oil stocks have been lower in four of the last eight years for a four-year average draw of 5.250 mln bbls and it has an eight-year average draw of 2.084 mln bbls. Utilization has been lower in six of the last eight years and has an eight-year average decrease of 1.15%, and it has an eight-year average utilization figure of 89.85%. The four-year, pre-hurricane utilization average was 92.05%. Since Katrina, refineries have run at an average utilization rate of 87.65%. Crude oil imports have been lower in five of the last six years, and the average crude oil import figure over the last six years has been down 453,000 bpd. The average crude oil import figure over the last six years has been 9.538 million bpd. |
| Oil markets now appear to be trending lower without dollar support | |
Colder temperature forecasts are helping heating fuels this morning, but a change in the underlying trend in the US dollar has uprooted one of the oil market’s strongest support pillars. It now appears that the dollar has built an important and potentially durable bottom formation, and that is allowing fundamental traders to assert their valuations.
An Illustrated Look at Energy Market Factors
A Look at the US Dollar Versus the Euro
Dollar-Euro (dollar in euro cents): Six-Month Bar-Chart 
The US dollar was significantly higher on Friday, after its strongest six days in a very long time. The bottom seems to have been fully confirmed, and Friday’s strong finish suggests higher prices to come. This is bearish for oil prices.
Source: http://www.advfn.com/p.php?pid=forexqkchart&curcode1=USD&curcode2=EUR
A Look at the Dow Jones Industrial Average (djia)
Dow Jones Industrial Average: Six-Month Chart
The DJIA were up nearly 66 points on Friday, although they have not registered fresh, new highs in a while. It will not take that much to break to new highs, but the “carry trade” may now be working against the blind buying program seen for months, now. A weakening dollar bleeds off a measure of buying, although it does not need to.
Source: http://money.cnn.com/quote/chart/chart.html?symb=djia&sid=1643&time=6mo&Submit1=Refresh
A Look at Temperatures
Temperatures will get colder in the Northeast as we move through the week.
Source: http://www.weather.com/
Recommendations for Specific Market Segments
Heating Oil Distributors Heating oil prices were higher on Friday as cold temperatures overcame the new trend lower. This represents a real change, as well, because it may be the first time this year that heating oil prices rallied for a traditionally fundamental reason. We would be surprised if this cold weather changes the demand picture here, but it is the first real hope demand has had, and traders bought into it. It will take seven solid and sustained weeks of this kind of cold to eat into inventories, but the heart of winter is starting according to plan. While we may still have plenty in storage, the weather is a new factor and it is starting out on the right foot, as far as the bulls are concerned. This is once again a market distributors can understand. Bitterly cold readings, even with abundant stocks, are supposed to give prices a boost. They did on Friday. We are holding our price caps for now, mostly against colder weather. Those who need protection should add caps only. Diesel Users We would hold capped-price protection, adding to it if needed. NYH Ultra Low Sulfur Diesel.…189.10-189.35 minus 2.625 USG Ultra Low Sulfur Diesel.…188.10-188.60 minus 62575 Jet/Kerosene Users & Airlines New York Harbor cash market differentials were 1.25 to 1.75 cents over January heating oil in NY Harbor and 1.50 to 2.00 over the screen in the US Gulf. Differentials have increased on cold weather. Diesel & Gasoline Marketers We want to be hedged against downside risk because of poor fundamental factors. The near-term trend is lower, here. Gasoline Blenders & End-Users We would hold our puts. Prices broke below 190, which is a bearish development. Prompt NYH Fuel Ethanol…..209.00-211.00 Prompt USG Fuel Ethanol….202.00-204.00 Quotes from 12-11-09 Heating Oil End-Users We would hold onto capped-price product, without adding here. Speculators We have had the decisive breaks lower, and we will now be looking to position ourselves on the short side. Refiners The 7:5+2 crack spread was $7.96 yesterday. Crude Oil Producers Crude oil prices have broken beneath major support and now appear to headed lower. Cold weather could support prices. | Prompt Jet Fuel Prices New York Harbor 192.10-192.60 US Gulf 192.35-192.85 Midwest (Group Three) 188.35-189.85 Midwest (Chicago) 188.85-191.85 Los Angeles 193.00-194.00 San Francisco 193.00-194.00 Portland, Oregon 193.00-194.00 Cents per gallon Wednesday Prices Propane Prices Mont Belvieu……….…..non-TET………$1.153750 Cents per gallon  Gasoline prices ended the week below important support at 190.00 and, although they tied to rally on Friday, they could not finish with any substantial gains as the week ended. For the week, as a whole, gasoline prices dropped 13.34 cents a gallon.
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