Prices for December 21st, 2009
| HEATING OIL cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | JAN | 199.00 | 193.47 | 194.52 | dn 01.15 | | FEB | 200.73 | 195.35 | 196.45 | dn 01.08 | | MAR | 201.96 | 196.87 | 197.93 | dn 01.00 | | APR | 202.58 | 197.88 | 198.64 | dn 00.98 | | MAY | 203.05 | 198.50 | 199.52 | dn 00.99 | | JUN | 204.01 | 199.33 | 200.40 | dn 01.06 | | JUL | 205.45 | 200.88 | 201.94 | dn 01.06 | | AUG | 207.50 | 203.65 | 203.91 | dn 01.00 | | SEP | 208.50 | 206.18 | 206.31 | dn 00.97 | | OCT | 212.60 | 212.60 | 208.91 | dn 00.97 | | NOV | 215.00 | 214.65 | 211.41 | dn 00.97 | | DEC | 217.60 | 213.30 | 213.91 | dn 00.97 | | Estimated Volume (day before) total all prev day 107,908 | | NYMEX CRUDE OIL dollars per barrel | | MONTH | HIGH | LOW | SETTLE | CHANGE | | JAN | 74.32 | 71.99 | 72.47 | dn 00.89 | | FEB | 75.24 | 73.17 | 73.72 | dn 00.70 | | MAR | 76.09 | 74.01 | 74.55 | dn 00.68 | | APR | 76.84 | 74.83 | 75.32 | dn 00.67 | | MAY | 77.53 | 75.45 | 75.98 | dn 00.70 | | JUN | 78.23 | 76.13 | 76.60 | dn 00.73 | | | | | | | | | Estimated Volume… 589,373 Opec Basket…$71.78 up $0.01
Prompt #2 Oil NYH 88..-2.25 to -1.75, 74 Lo S…-1.75 to -1.25
US Gulf 88 grade…-4.75 to -4.25, 74 grade Lo S…-4.50 to -4.00 Group .........-3.00 to -2.50 Lo S.....-3.00 to -2.50
Chicago ......-8.25 to -7.50
cash quotes by Dow Jones | | | |
| NYMEX RBOB GASOLINE cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | JAN | 191.92 | 185.69 | 186.91 | dn 02.57 | | FEB | 194.35 | 188.19 | 189.36 | dn 02.35 | | MAR | 196.60 | 190.87 | 191.75 | dn 02.21 | | APR | 208.10 | 202.64 | 203.28 | dn 02.30 | | MAY | 208.86 | 204.24 | 204.34 | dn 02.30 | | JUN | 209.67 | 205.04 | 205.30 | dn 02.24 | | JUL | 209.74 | 205.32 | 205.60 | dn 02.17 | | AUG | 205.93 | 205.93 | 205.60 | dn 02.19 | | Estimated RB Volume day before 83,494 | | NYMEX NATURAL GAS dollars per mmBtu | | MONTH | HIGH | LOW | SETTLE | CHANGE | | JAN | 5.929 | 5.625 | 5.669 | dn 0.113 | | FEB | 5.979 | 5.670 | 5.712 | dn 0.117 | | MAR | 5.948 | 5.652 | 5.694 | dn 0.111 | | APR | 5.910 | 5.629 | 5.671 | dn 0.107 | | | Estimated Volume…day before (257,933)
Nymex statistics are based on composite Access & Day Sessions
Prompt Gasoline NYH M5 -1.00 /-0.50 RBOB +6.00 /+6.50
US Gulf M4: -4.50 to -4.00 RBOB +4.45 to +4.55
L.A. Conv Reg 203.00-204.00, N-grade Group 183.65-183.90 Chi 184.15-184.90 | |
Market Review for Monday
IL prices dropped yesterday in uninspired, pre-holiday trading. The US dollar continued to post gains, and that seems to have had the final word on a day during which traders were looking over their shoulders at cold weather and petropolitical worries involving Iran. Neither of those factors is going away any time, soon, but then the dollar has been advancing continuously without pause recently, and it finished yesterday right near 70 euro cents.
What may be more significant is the fact that prices failed to burst through their retracement zone ($73.81-$75.05, with an absolute upside 61.8% retracement from $82.00 lower at $76.88) at the start of an ‘easy’ week to paint the charts. It is too early to declare a resurgent move lower, but we would remind readers that we have seen a number of major trend changes or confirmations around holidays over the last few years, really over the history of trading in oil. Last year, gasoline prices reached their lows on Christmas Eve day. We need to watch technical activity closely this week.
| Fuel for Thought Chicago Federal Reserve Bank President Charles Evans told CNBC yesterday that the Fed may look at raising rates in three or four meetings, if the economy continues to strengthen. That is what currency traders have been banking on for the last few weeks, and higher US interest rates make US dollars more desirable. This belief has been a part of the trend higher in the dollar. Traders were also kicking out long January crude oil contracts yesterday ahead of the contract expiration. With storage hard to find for most traders, no one wanted to stand for delivery without having a home for the barrels. The contango widened in the process yesterday, as January crude ended its run as the expiring Nymex contract. |
The dollar was higher all last week, and there was no serious selling in oil futures in sympathy. It seems that investors started to rethink their long-term long positions yesterday. If the dollar continues to advance, it will require a sustained period of cold weather and extended problems with Iran to boost prices. Investors are not looking to get involved with oil market fundamentals, though; they just want to buy on dollar weakness. Now that they see a lack of fresh investor buying on dollar weakness, they seem to be pulling their chips to migrate to another table. This is especially true of the investment bankers. They want their money in something that will make money tomorrow, and the dollar chart does not inspire them into believing that will be oil.
It is ‘funny’ that they are pulling out just as the fundamentals seem to be strengthening. But, as we have noted, this was never about the fundamentals or petropolitics. It was always about the dollar or equities.
In the absence of anything compelling or fresh, traders are likely to focus on this week’s inventory figures and on the Opec meeting. Saudi Arabia has said that it expects quotas to remain unchanged at this meeting. Once these two events are over, though, it could get really quiet quickly.
Technicals
The entire energy complex was lower yesterday. Crude oil may be getting ready to test support at $68.59 and gasoline may be getting ready to test 181.24. Heating oil prices are will above their support at 187.00. Prices rallied on oversold pressures and stock draws, and now they seem to be catching up to a strong dollar by falling.
Dollars per barrel
Above: Crude oil prices declines yesterday. Further weakness would solidify the near-term trend lower.
February crude oil now has buy-stops over $75.25, $76.10, $77.90, $78.59, $79.05, $79.95, $80.33-$80.52, $81.06, $81.58, $82.00, $84.83, and $85.13. Sell-stops are under $73.15, $71.99, $71.20, $70.55, $69.30, $68.55, $68.00, $65.80-$66.20, and $64.95. January heating oil has buy-stops over 199.26, 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, and 251.50. Sell stops are under 193.45, 192.70, 191.00, 190.00, 189.55, 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 191.95-192.00, 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 185.65, 184.60, 182.40, 181.20, 179.20, 177.30, 175.14, 171.40, 170.25, and 168.85.
Football: The bulls took over where the bears left off and promptly lost nine yards, making it second and 19 to go, here.
Technical Support & Resistance
Feb crude oil Support: $73.15-$73.25, $71.95-$72.10, $71.20-$71.30, $70.55-$70.65, $69.30-$69.45.
Resistance: $75.10-$75.25, $75.90-$76.10, $77.75-$77.90, $78.45-$78.60, $79.00-$79.05.
Jan heating oil Support: 193.45-193.60, 192.70-192.85, 191.00-191.15, 190.00-190.20, 188.70-188.90.
Resistance: 199.00-199.26, 200.70-200.85, 202.35-202.50, 204.60-204.75, 208.65-208.80.
Jan Rbob Support: 185.65-185.75, 184.60-184.75, 182.40-182.60, 181.20-181.35, 179.20-179.35.
Resistance: 191.85-191.95, 192.65-192.80, 195.16-195.41, 198.50-198.60, 203.90-204.10.
Oil Inventory Reports
This week’s DOE report will be the turning point in terms of volume and attendance. By noon on Wednesday, many traders, brokers and analysts will square up their books for Christmas Weekend and that will be it for the week and, in some cases, the year. Market observers will watch for additional draws in crude oil and distillate stocks, and crude imports will play a big role in determining how large a crude draw there is likely to be. With builds last year in distillate and gasoline inventories, declines in those this week will eat into the year-on-year surpluses.
Last Week’s Inventory Comparison: Distillate stocks are now 25.3 million bbls, or 18.19%, higher than a year ago. Heating oil inventories are 6.5 mln bbls, or 15.55%, higher than they were a year ago. Gasoline stocks are 10.3 mln bbls (up 4.98%) higher against a year ago. Crude oil stocks are now 9.5 million bbls, or 2.94%, higher than a year ago. Residual stocks are 1.3 mln bbls (3.44%) lower than a year ago, jet fuel stocks are 3.1 mln bbls, (8.18%) higher than a year ago. Utilization is 4.15% lower than a year ago and 9.90% below the eight-year average. It is 12.10% lower than the four-year, pre-Katrina average and 7.70% below the average after it.
Last Week’s Demand: Four-week, total refined products demand came in at 18.766 million bpd, up 0.267 mln bbls on the week, and down 0.318 mln bpd and 1.67% against a year ago. Nine weeks ago, it was 0.900 mln bpd and 5.03% higher than a year ago. Four-week gasoline demand is at 9.003 mln bpd, up 1.02%, compared to up 6.23% nine weeks ago. Four-week distillate demand is now at 3.588 mln bpd, down 6.56%, compared to down 14.80% five weeks ago. Four-week jet demand is now at 1.490 mln bpd, up 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, up 4.63%, compared to down 1.19% four weeks ago. Propane use is up 17.07%, at 1.440 mln bpd, compared to being up 17.63% four weeks ago. Demand was higher across the board.
Last Week’s API Report: This week’s API report showed a build of 0.924 mln bbls in crude oil stocks, a draw of 2.604 mln bbls in distillate stocks and a build of 2.074 mln bbls in gasoline inventories. Utilization was down 2.8% to 78.6%. Implied demand came in at 9.356 mln bpd in gasoline and at 4.385 mln bpd in distillate. Crude oil imports dropped 0.688 mln bpd to 8.853 mln bpd, which helped to build crude oil stocks. The jump in crude stocks and drop in utilization were unexpected.
DOE Weekly Inventory Statistics
| Category | Final DOE Estimate
This Week’s Estimate | History
Last Year’s Report | Most Recent Changes
Last Week’s DOE Report | Versus A Year Ago
Millions of Barrels |
| Distillate | dn 2.50 to 3.00 mln bbls | up 1.814 | dn 2.954 mln bbls | up 25.300 |
| Gasoline | up 1.25 to 1.75 | up 3.336 | up 0.879 | up 10.300 |
| Crude oil | dn 1.00 to 2.00 | dn 3.101 | dn 3.689 | up 9.500 |
| Utilization | up 0.0% to 0.5% | up 0.6% at 84.7% | dn 1.10% at 79.95% | |
| Crude Imports | up 0.250 to 0.750 mmbd | dn 0.555 to 9.118 | dn 0.365 to 7.772 mln bpd | |
| DOE Distillate Demand | 3.792 mln bpd | up 472,000 | Gasoline Demand | 8.963 mln bpd | dn 049,000 |
| DOE Distillate Production | 3.726 mln bpd | dn 268,000 | Gasoline Production | 9.097 mln bpd | dn 066,000 |
| DOE Distillate Imports | 0.229 mln bpd | up 044,000 | Gasoline Imports | 0.967 mln bpd | up 217,000 |
Source: US Department of Energy’s Energy Information Administration
Open Interest Analysis
Crude oil open interest fell by 19,322 contracts on Friday, when prices were higher. That looks like heavy short-covering, which would be constructive. Most of this was expiration-related.
Heating oil open interest fell by 293 contracts on Friday, when prices were lower. That looks like very light long liquidation and is mildly supportive.
RBOB open interest fell by 4,162 contracts on Friday when prices were lower. That looks like long liquidation, which would be supportive. It suggests profit-taking or a tactical withdrawal.
Natural gas open interest fell by 9,755 on Friday, when prices were lower. That looks like long liquidation and would be supportive. Here, it was almost certainly profit-taking.
Friday’s Open Interest Changes:
Crude 1,167,249 dn 19,322 Heat 305,646 dn 293 RBOB 233,608 dn 4,162 Nat gas 727,636 dn 9,755
CFTC Commitments of Traders for Nymex (for the period ended Tuesday, Dec 8th)
Crude oil prices dropped $1.93/bbl over the latest reporting period, and the best selling came from swap dealers, who sold 16,029 contracts. Producers liquidated 8,889 contracts, while managed money accounts bought 4,013 lots and covered 4,889 contracts. Other reportables took that same approach, buying 6,197 and covering 6,053 contracts. Without the swap selling, prices might have rallied, instead.
In heating oil futures, prices dropped 8.76 cents a gallon, and it was managed money that sold 4,107 contracts and liquidated 3,393. Producers were liquidating 5,216, but they covered 9,944. Swap dealers bought 5,689 and covered 216. Other reportables bought 2,162 and sold 261. It was the managed money selling that pushed quotes lower.
Gasoline prices were down 7.95 cents a gallon during the period under review. Swap dealers and other reportables had net changes of less than 372 contracts on both sides of the market. Producers liquidated 217 longs, but covered 4,933 shorts. Managed money, without the benefit of a weaker dollar, had no reason to buy, and they were liquidating 3,688 longs and sold 236 new shorts. That selling pushed quotes lower.
In natural gas, producers added 4,732 longs and 8,177 shorts. Swap dealers liquidated 11,287 longs and added 1,191 shorts. Managed money added 5,045 longs and covered 14,413 shorts. That buying was huge. Other reportables liquidated 1,519 and sold 4,887 contracts. Prices gained 40.9 cents, and managed money was the best buying and short-covering source.
Natural Gas & Utility Generation
Natural gas prices followed Friday’s very mild gains with selling yesterday. While some weather forecasts had moderated, with warmer readings on the horizon, most forecasts are still calling for colder than normal readings. The National Weather Service (NWS) is forecasting colder-than-normal temperatures from next Monday through the following Sunday. And, one forecaster quoted by Dow Jones, Planalytics, is calling for colder weather through the first 10 days of the new year. Another, longer-term forecaster quoted by Dow Jones, WSI, is forecasting a milder January in the Northeast, but says that is likely to be followed by colder readings in February and in the Northeast in March. WSI is predicting a 2.5% increase in heating-degree-day accumulations this winter (against last year) and says that accumulations could be 2% more than the average for 1971-2000.
Regardless of forecasts, temperatures trend. And, it is clear that readings are trending towards the colder side in the Midwest and Northeast. Forecasts for anything out beyond five or maybe 10 days are difficult. The trend makes the biggest impact. Our money is on temperatures continuing on the colder side, and that should spur heating demand and electricity use. Until we see three weeks of warmer-than-average readings, the colder trend is likely to persist.
Yesterday’s decline, and Friday’s drop from higher levels have been attributed to high storage levels. They are still on the high side, at 381 bcf and 11.96% higher than a year ago. They are 433 bcf and 13.82% above the five-year average. But last week’s report trimmed the surpluses from higher levels {from 472 bcf, 14.30%, higher than a year ago and, from 487 bcf, 14.54%, above the five-year average} Prices spent a solid 14 months discounting high storage levels before this past fall began. We think that any selling seen recently has more to do with squaring book or taking profits ahead of Christmas and the end of the year. With the cold weather we had last week, we fully expect this week’s EIA report to eat further into the year-on-year surplus and the surplus against the five-year average. There is a chance that this week’s report will surprise us – again – with a bigger than anticipated drawdown.
In cash trading yesterday, Henry Hub prices were at $5.63-$5.91, down $0.04-$0.17 on the day (DJN). SoCal prices were at $5.77-$5.87, up $0.02-$0.02 on the day. El Paso Permian prices were up $0.00-$0.02 at $5.56-$5.66. Katy prices were down $0.05-$0.17 to $5.59-$5.83. Waha prices were down $0.10-$0.15 at $5.54-$5.65. Transco 6 was up $0.05-$1.25 to $8.25-$10.25/mmBtu, according to Dow Jones News (DJN). Cash prices were mixed yesterday, but pipelines into the Northeast were higher.
Palo Verde prices were last quoted at $46.00-$49.25/mwh. Northeastern prices last traded at $50.00-$93.50. Entergy was last at $47.00-$48.00. Ercot was last at $41.00-$42.75/mwh.
Support is at $5.62-$5.63, $5.42-$5.45, $5.31-$5.33, $5.19-$5.21, $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 $5.91-$5.93, $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: $5.62-$5.63, $5.42-$5.45, $5.31-$5.33, $5.19-$5.21, $5.12-$5.14, $4.96-$4.99.
Resistance: $5.91-$5.93, $5.96-$6.01, $6.15-$6.17, $6.34-$6.37, $6.65-$6.69, $6.90-$6.94.
Natural gas prices sold off slightly again yesterday. We do not think that the trend higher has changed, though.
Dollars per million Btu
The crude-to-gas ratio has a head & shoulders top and looks like it can work lower (favoring gas) from here.
Dollars per million Btu
EIA Weekly Storage Figures
Last week’s EIA report showed a draw of 207 bcf on expectations for a draw of 176-177 bcf. Stocks are now 381 bcf higher than a year ago, against a surplus of 472 bcf a week ago, a surplus of 470 bcf two weeks ago and a surplus of 404 bcf three weeks ago. Stocks are now 11.96% higher than a year ago. They are 433 bcf and 13.82% above the five-year average.
For this week, the eight-year average was a draw of 128.13 bcf. The five-year average was a draw of 139.6 bcf. Last year, there was a draw of 147 bcf. Any build of more than 150 bcf will eat further into the surpluses.
EIA Report
| Region | 12-11-09 | 12-04-09 | Change | Last Year | 5 Yr Avg |
| Cons East | 1968 | 2061 | dn 93 | 1793 | 1789 |
| Cons West | 478 | 517 | dn 39 | 456 | 421 |
| Producing | 1120 | 1195 | dn 75 | 936 | 923 |
| Total US | 3566 | 3773 | up 207 | 3185 | 3133 |
Bcf, or Billions of cubic feet. Source: Energy Information Administration, US Department of Energy
News & Views
| In trading on Nymex, February crude oil prices were up $0.19 at $73.91/barrel at 10:30 PM EST, last night. January heating oil prices were up 0.45 cents to 1.9497/gallon. January RBOB prices were up 0.54 cents to $1.8745. January natural gas prices were up $0.059 to $5.728/mmBtu. Prices were very mildly changed this morning as traders awaited Opec’s meeting, the API and DOE reports and squared books before Christmas. DOE Expectations The table below lists the first survey results for Dow Jones, Bloomberg and Reuters. The DOE report will be released at 10:30 AM EDT on Wednesday morning this week. Category Dow Jones Bloomberg Reuters Crude dn 1.700* dn 1.730 dn 1.800 mln bbls* Distillate dn 0.600 dn 2.000 dn 0.600 Gasoline up 1.400 up 1.000 up 1.300 Utilization up 0.3% up 0.5% up 0.3% Last week’s estimates for Reuters and Dow Jones 
Crude oil prices dropped yesterday, settling beneath the previous four settlements. That is somewhat bearish. Prices failed to break over their retracement zone up to $75.05. | 
Heating oil prices sold off, closing at their lowest price in four sessions. Prices are still well above support at 187.00 and at the channel line. DOE History: Distillate stocks have fallen in five of the last eight years, by an average of 1.700 mln bbls. The eight-year average is a draw of 0.748 mln bbls. Gasoline stocks rose in six of the last eight years, for a six-year average build of 1.806 mln bbls and an eight-year average build of 0.792 mln bbls. Crude oil stocks have been lower in four of the last eight years for a four-year average draw of 3.825 mln bbls and it has an eight-year average draw of 1.275 mln bbls. Utilization has been higher in five of the last eight years and has an eight-year average decrease of 0.04%, and it has an eight-year average utilization figure of 89.79%. The four-year, pre-hurricane utilization average was 91.43%. Since Katrina, refineries have run at an average utilization rate of 88.15%. Crude oil imports have been higher in four of the last six years, and the average crude oil import figure over the last six years has been up 65,000 bpd. The average crude oil import figure over the last six years has been 9.737 million bpd. |
| Crude oil faces its retracement zone during a normally quiet week. | |
It is all about Opec and the inventory numbers from here. Once traders see those, it should get very quiet and could get choppy and volatile. We still need to watch for ‘chart-painting.’
~Merry Christmas!~
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 up again yesterday, finishing right around 70 euro cents. The advance has taken over the relentless nature of trading that had been seen for most of the year on the downside. Prices are overbought, but they have cleared a good deal of distance between the lows.
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 more than 85 points yesterday, but they did not break above their recent highs. They are still capable of breaking higher to new highs with a minimum of effort.
Source: http://money.cnn.com/quote/chart/chart.html?symb=djia&sid=1643&time=6mo&Submit1=Refresh
A Look at Jet Fuel
Jet fuel prices are stalling.
The same is true of US Gulf prices.
Recommendations for Specific Market Segments
Heating Oil Distributors Heating oil prices were lower yesterday, but as the weeks wears on, activity should get thin and potentially volatile, which is the perfect opportunity for those wishing to “paint” the charts in either bullish or bearish colors. Rather than challenging the levels, traders will pick up wherever the market lets off, so the next two weeks could be important, technically. Of course, oil prices “owe” considerable weakness to the stronger dollar, so that could end up being a factor. Cold weather could be a factor, as well. The supply & demand statistics are likely to give us a sense of direction, and they could overwhelm any attempt to paint charts. We would keep our capped price protection in place and we would be sensitive to the possibility that prices could solidify or anchor a new trend this week. If you are at risk, shore it up early on. Diesel Users We would hold capped-price protection, adding to it on dips. NYH Ultra Low Sulfur Diesel.…196.00-196.25 minus 1.375 USG Ultra Low Sulfur Diesel.…193.00-193.25 minus 4.375 Jet/Kerosene Users & Airlines New York Harbor cash market differentials were 4.00 to 4.50 cents over January heating oil in NY Harbor and 2.25 to 1.75 under the screen in the US Gulf. 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 look to re-enter puts here. Prices still seem on the high side here. Prompt NYH Fuel Ethanol…..203.00-205.00 Prompt USG Fuel Ethanol….193.00-196.00 Quotes from 12-18-09 Heating Oil End-Users We would hold onto capped-price product, adding on dips. Speculators We want to buy puts on any fair rally from here. We do need to be aware of the history of trends to get started or cemented in place during holiday weeks. Refiners The 7:5+2 crack spread was $6.956 yesterday. Crude Oil Producers Crude oil prices dropped yesterday, and the stronger dollar was a factor. Oil still has more to catch up to the dollar strength, here. | Prompt Jet Fuel Prices New York Harbor 201.50-202.00 US Gulf 195.25-195.75 Midwest (Group Three) 195.50-198.50 Midwest (Chicago) 195.50-196.50 Los Angeles 197.00-198.00 San Francisco 197.00-198.00 Portland, Oregon 197.00-198.00 Cents per gallon Wednesday Prices Propane Prices Mont Belvieu……….…..non-TET………$1.193890 Cents per gallon  Gasoline prices declined yesterday, and they now seem more likely to test the support at 181.24 and above that level. Support beneath the market is good, here. If prices bounce up from support, it could change the picture.
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This is our final report this week.
Our next report will be out Monday morning.
We wish all of our readers a very
~Merry Christmas!~