Prices for January 7th, 2009
| HEATING OIL cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 220.69 | 217.79 | 218.36 | dn 01.96 | | MAR | 221.68 | 218.95 | 219.46 | dn 01.89 | | APR | 221.33 | 219.25 | 219.75 | dn 01.80 | | MAY | 221.68 | 220.25 | 220.15 | dn 01.72 | | JUN | 222.18 | 220.14 | 220.74 | dn 01.64 | | JUL | 223.38 | 222.14 | 222.12 | dn 01.60 | | AUG | 225.01 | 223.94 | 223.92 | dn 01.55 | | SEP | 227.47 | 225.64 | 226.22 | dn 01.55 | | OCT | 229.91 | 228.84 | 228.72 | dn 01.55 | | NOV | ---.-- | ---.-- | ---.-- | -- --.-- | | DEC | 234.65 | 232.82 | 233.52 | dn 01.55 | | JAN | ---.-- | ---.-- | ---.-- | -- --.-- | | Estimated Volume (day before) total all prev day 108,477 | | NYMEX CRUDE OIL dollars per barrel | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 83.36 | 82.26 | 82.66 | dn 00.52 | | MAR | 83.93 | 82.81 | 83.19 | dn 00.56 | | APR | 84.50 | 83.36 | 83.75 | dn 00.56 | | MAY | 84.87 | 83.89 | 84.29 | dn 00.57 | | JUN | 85.43 | 84.34 | 84.75 | dn 00.59 | | JUL | 85.68 | 84.90 | 85.20 | dn 00.60 | | | | | | | | | Estimated Volume… 706,202 Opec Basket…$79.64 up $0.52
Prompt #2 Oil NYH 88..-1.50 to -1.00, 74 Lo S…-1.25 to -0.75
US Gulf 88 grade…-4.50 to -4.00, 74 grade Lo S…-3.25 to -2.75 Group .........-6.00 to -5.75 Lo S.....-6.00 to -5.75
Chicago ......-13.75 to -13.25 cash quotes by Dow Jones | | | |
| NYMEX RBOB GASOLINE cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 214.55 | 212.12 | 213.49 | dn 00.17 | | MAR | 215.91 | 213.60 | 214.91 | dn 00.28 | | APR | 226.43 | 224.85 | 225.41 | dn 00.67 | | MAY | 226.88 | 225.92 | 226.32 | dn 00.74 | | JUN | 227.95 | 226.00 | 226.93 | dn 00.79 | | JUL | 227.21 | 226.50 | 226.98 | dn 00.80 | | AUG | ---.-- | ---.-- | ---.-- | -- --.-- | | SEP | ---.-- | ---.-- | ---.-- | -- --.-- | | Estimated RB Volume day before 91,974 | | NYMEX NATURAL GAS dollars per mmBtu | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 6.108 | 5.763 | 5.806 | dn 0.203 | | MAR | 6.027 | 5.707 | 5.756 | dn 0.185 | | APR | 5.930 | 5.661 | 5.704 | dn 0.157 | | MAY | 5.956 | 5.708 | 5.743 | dn 0.143 | | | Estimated Volume…day before (299,200)
Nymex statistics are based on composite Access & Day Sessions
Prompt Gasoline NYH M5 -1.50 /-1.00 RBOB +6.25 /+6.75
US Gulf M4: -4.00 to -3.50 RBOB +6.00 to +6.50
L.A. Conv Reg 215.00-216.00, N-grade Group 207.75-208.00 Chi 203.25-203.75 | |
Market Review for Thursday
IL prices dropped yesterday in a session that seemed to lack new inputs. The selling yesterday came partly because the dollar was stronger, removing a source of potential buying by funds (had it been lower) and partly because oil traders went back over this week’s DOE report and found in it reasons to sell. The latest report showed a decline in demand (333,000 bpd) in distillate and (110,000 bpd) in gasoline. Production levels were also higher in the latest set of figures, and the combination of lower demand and higher refined product output was the reason that this week’s stock figures were disappointing to the bulls. As a result, we had some profit-taking.
This is hardly unusual after a nearly vertical rally over the last three to four weeks. While the fundamental picture has improved somewhat, prices have risen on a shifting group of factors that include dollar weakness, equities strength, cold weather and index fund buying at the start of a new year.
| Fuel for Thought Throughout 2009, the question that was asked – and often answered by an overly eager market – was what recovery would do for oil prices. This question became especially pressing after the equities markets started rallying in earnest at the end of the first quarter in 2009. Almost always, the answer given by the market was that an economic recovery would resuscitate demand and lead to higher prices. Now, in 2010, energy prices are already well above the averages for all of 2009. Crude is more than 33% above the average last year, heating oil is up 31%, gasoline is up 26% and natural gas is nearly 40% above last year’s average. Already, the question is being inverted and many are asking what higher energy prices will do to any recovery. They won’t help. |
Yesterday, the US dollar rallied, so the bulls did not have anything new to offer support from currencies. The DJIA was up a little more than 33 points, and that did not reach out and grab anyone’s bullish attention. After Wednesday’s reaction, which was based primarily on the anticipation of a heavy drawdown in next week’s DOE distillate figure, traders seem to have been fine-tuning their holdings yesterday.
Yesterday’s decline in prices looks more like run-of-the-mill profit-taking and book-dressing than anything else. We would be extremely reluctant to see in yesterday’s decline the seeds of a larger reversal or any major change in sentiment. There are forecasts suggesting a moderation in temperatures next week, but few meteorologists are willing to suggest the end of the Arctic conveyor belt that has made the winter, to date, one of the coldest since the 1970’s.
Technically, prices were due for a kind or correction, and they do still remain above the major resistance levels broken earlier in the week. Wednesday’s advance in crude oil was accompanied by an increase of 33,000 contracts, which gives us a net increase of more than 70,000 this new year.
Technicals
Oil prices were lower yesterday in what appears to have been profit-taking. There was talk of an interlude of moderate temperatures, the dollar was higher and equities were uninspiring, and they gave oil prices a chance to correct against an almost vertical rise that started before Christmas. Trends are still higher, but a correction is in full swing.
Dollars per barrel
Above: Crude oil prices seem to have broken decisively higher.
February crude oil now has buy-stops over $83.55, $84.83, $85.13, $89.82, $90.99, $93.02, $96.03, $100.37, $102.85, $106.91, $108.11, $108.70, $109.60, and $110.45-$110.60. Sell-stops are under $80.85, $79.60, $79.00, $77.75, $76.00, $74.25, $72.70, $71.99, $71.20, $70.55, $69.30, $68.55, $68.00, $65.80-$66.20, and $64.95. February heating oil has buy-stops over 221.20, 220.60, 225.80, 227.05, 229.08, 238.95, 249.62, 251.50, 256.48, 265.89, 273.20, 288.50, 295.00, 299.71, and 303.00. Sell stops are under 216.34, 213.00, 210.00, 203.85, 199.80, 195.00, 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. February RBOB has buy-stops over 214.65, 222.70, 228.86, 240.10, 250.40, 252.00, 265.10, 267.85, 270.85, 272.00, and 280.25. Sell-stops are under 212.00, 209.33, 202.65, 198.60, 194.55, 189.65, 185.00-185.15, 184.60, 182.40, 181.20, 179.20, 177.30, 175.14, 171.40, and 170.25.
Football: The bulls lost fie yards on first down yesterday, making it second and 15 to go today.
Technical Support & Resistance
Feb crude oil Support: $80.85-$81.00, $79.60-$79.75, $79.00-$79.20, $77.75-$77.85, $76.00-$76.20.
Resistance: $83.45-$83.55, $84.70-$84.85, $85.05-$85.15, $89.70-$89.85, $90.90-$91.00.
Feb heating oil Support: 216.30-216.40, 213.00-213.15, 211.35-211.50, 209.30-209.45, 205.80-206.00.
Resistance: 221.00-221.20, 225.60-225.80, 226.95-227.05, 228.95-229.10, 238.85-238.95.
Feb Rbob Support: 212.00-212.15, 209.30-209.40, 206.70-206.80, 204.55-204.65, 202.65-202.75.
Resistance: 214.50-214.65, 222.60-222.70, 228.75-228.86, 239.80-240.10, 250.25-250.40.
Oil Inventory Reports
This week’s DOE report was surprisingly bearish or disappointing for the bulls. There was a small drawdown in distillate stocks and there were builds in both crude oil stocks and gasoline stocks. Refinery utilization was lower, and it is now beneath 80% - before any of the normal, seasonal maintenance has even gotten started. In many respects, this was a “free” report for the bulls, and that realization is what pushed prices up into the close. Traders are already starting to anticipate what is likely to be solid distillate demand and a good drawdown in next week’s numbers.
This Week’s Inventory Comparison: Distillate stocks are now 13.0 million bbls, or 8.90%, higher than a year ago. Heating oil inventories are 1.8 mln bbls, or 4.36%, higher than they were a year ago. Gasoline stocks are 6.1 mln bbls (up 2.86%) higher against a year ago. Crude oil stocks are now 1.5 million bbls, or 0.46%, higher than a year ago. Residual stocks are 1.1 mln bbls (3.05%) lower than a year ago, jet fuel stocks are 3.7 mln bbls, (9.74%) higher than a year ago. Utilization is 4.74% lower than a year ago and 10.99% below the eight-year average. It is 12.54% lower than the four-year, pre-Katrina average and 9.44% below the average of the four years since the big hurricanes (Katrina & Rita) in 2005.
This Week’s Demand: Four-week, total refined products demand came in at 19.192 million bpd, up 0.102 mln bbls on the week, and up 0.050 mln bpd and 0.26% against a year ago. Twelve weeks ago, it was 0.900 mln bpd and 5.03% higher than a year ago. Four-week gasoline demand is at 8.956 mln bpd, up 0.32%, compared to up 6.23% 12 weeks ago. Four-week distillate demand is now at 3.746 mln bpd, down 0.98%, compared to down 14.80% eight weeks ago. Four-week jet demand is now at 1.509 mln bpd, up 8.17%, compared to up 0.14% four weeks ago and 1.61% five weeks ago. Four-week residual fuel demand is at 0.464 mln bpd, down 38.38%, compared to down 1.19% seven weeks ago. Propane use is up 16.38%, at 1.563 mln bpd, compared to being up 17.63% six weeks ago.
This Week’s API Report: This week’s API report showed a draw of 2.267 mln bbls in crude oil stocks, a build of 0.962 mln bbls in distillate stocks and a build of 5.575 mln bbls in gasoline inventories. Utilization was up 1.3% to 79.5%. Implied demand came in at 8.551 mln bpd in gasoline and at 4.036 mln bpd in distillate. Crude oil imports were up 1.404 mln bpd to 8.734 mln bpd. Implied demand, the increases in crude imports and utilization and the gasoline build were all bearish.
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 2.35 to 2.85 mln bbls | up 1.790 | dn 0.233 mln bbls | up 15.600 |
| Gasoline | dn 0.25 to 0.75 | up 3.334 | up 3.737 | up 4.700 |
| Crude oil | up 2.00 to 3.00 | up 6.682 | up 1.329 | up 1.100 |
| Utilization | up 0.5% to 1.0% | up 2.1% at 84.6% | dn 0.41% at 79.86% | |
| Crude Imports | up 0.500 to 1.000 mmbd | up 1.236 to 10.485 | up 0.328 to 8.355 mln bpd | |
| DOE Distillate Demand | 3.656 mln bpd | dn 332,000 | Gasoline Demand | 9.074 mln bpd | up 029,000 |
| DOE Distillate Production | 3.710 mln bpd | dn 096,000 | Gasoline Production | 9.028 mln bpd | up 065,000 |
| DOE Distillate Imports | 0.237 mln bpd | dn 098,000 | Gasoline Imports | 0.753 mln bpd | dn 095,000 |
Source: US Department of Energy’s Energy Information Administration
Open Interest Analysis
Crude oil open interest rose by another 33,270 contracts on Wednesday, giving us a net gain of 71,641 contracts so far this new year. Prices are up $3.36 so far in 2010, so this suggests heavy index fund buying.
Heating oil open interest rose by 3,875 contracts on Wednesday, when prices were higher. That looks like new buying and would be bullish.
RBOB open interest rose by 5,119 contracts on Wednesday when prices were higher. That looks like new buying and would be bullish. So far, in 2010, 17,431 new (long bias) contracts have been added.
Natural gas open interest rose by 12,440 on Wednesday, when prices were significantly higher. That looks like heavy new buying, which would be bullish.
Wednesday’s Open Interest Changes:
Crude 1,264,706 up 33,270 Heat 321,030 up 3,875 RBOB 252,085 up 5,119 Nat gas 736,527 up 12,440
CFTC Commitments of Traders for Nymex (for the period ended Tuesday, Dec 22nd)
Crude oil prices gained $3.71/bbl over the latest reporting period, and the best buying came from producer short-covering. That group covered 8,642 contracts. It also liquidated 6,318 contracts on the long side. Managed money accounts added 2,223 new longs. Swap dealers bought the most on aggregate, covering 4,204 contracts and buying 724 new longs. Other reportable accounts liquidated 2,286 longs and sold 1,275 new shorts.
In heating oil futures, prices gained 4.53 cents a gallon, and the best buying came from the speculative community. Large speculators of various groupings bought 3,385 new longs and covered 4.113 shorts. Commercial accounts, including producers, bought 2,942 new longs, but sold 13,592 new shorts. Non-reportable accounts bought 1,609 and covered 1,543.
Gasoline prices were up 4.37 cents a gallon during the period under review. Swap dealers bought 1,249 new longs and covered 106 shorts. Producers added 4,006 new longs but also added 4,768 new shorts. Managed money accounts liquidated 1,556 longs and covered 415 shorts. Other reportable positions liquidated 108 longs and covered 297 shorts. Swap dealers seem to have been the most active buyers.
In natural gas, prices gained 19.3 cents during the period under review. Small trader short-covering was the motive force, with 14,198 contracts covered against 9,546 contracts liquidated. Commercial accounts covered 21,268 contracts and liquidated 18,767. Large speculators were getting short again, selling 12,205 and buying just 5,052 contracts.
Natural Gas & Utility Generation
Natural gas prices gave back more than 20 cents yesterday as traders took profits in the midst of generally bullish news. This week’s EIA underground storage figures – the ones were saw as being a “free” report – were better than expected (from a bullish perspective) and weather forecasts continued to suggest very cold readings across large parts of the country into the future. Some forecasts did talk about a momentary reprieve, with a period of moderate readings next week, but the consensus does not seem to favor any sustained change in the colder-than-normal trend.
This week’s EIA underground storage report showed a drawdown of 153 bcf, against expectations for a draw of 151 bcf, and that was supportive on its own, especially with a large consensus expecting next week’s report to give us a potentially record-breaking pull from storage. This week’s report also ate deeply into surpluses against a year ago, when there was a draw of 47 bcf and against the five-year average draw of 83 bcf (based on the same dates). It seems to have been a matter of selling the fact yesterday, although we honestly would have expected buying if it had been a disappointing report.
And that takes us back to expectations for next week’s figures. If we drew down 153 bcf last week, there should be little doubt that next week’s report will give us a draw well in excess of 200 bcf. It may be so much more above that number, as well, that it will be difficult to grasp. Prices were overbought going into yesterday’s session, and that may have dictated a need to book profits. Possibly, bulls that would have preferred to remain long were spooked once they saw selling, despite a bullish “free” report, another bullish report coming and no real end to the cold weather.
One has to expect the bulls to return in light of the numbers and forecasts. Yesterday’s correction may inform us of a need to take some profits and it may suggest that a majority of those likely to buy have already bought. Still, the picture does not look bearish from here. As far as we can tell, prices may need to shake loose a few of the more recent buyers, but they still seem likely to resume their advance before very long. Objectives suggest $7.00.
In cash trading yesterday, Henry Hub prices were at $7.00-$7.75, up $0.84-$1.05 on the day (DJN). SoCal prices were at $6.20-$7.80, up $0.10-$1.27 on the day. El Paso Permian prices were up $0.70-$1.09 at $6.86-$7.65. Katy prices were up $0.35-$1.32 to $6.70-$8.10. Waha prices were up $0.68-$1.11 at $7.18-$7.96. Transco 6 was up $0.20-$0.50 at $10.25-$11.75/mmBtu, according to Dow Jones News (DJN). Cash prices were higher across the nation, and pipelines into the Northeast showed the highest absolute quotes without having the largest gains on the day.
Palo Verde prices were last quoted at $50.50-$55.00/mwh. Northeastern prices last traded at $57.25-$90.00. Entergy was last at $60.00-$61.00. Ercot was last at $87.00-$97.00/mwh.
Support is at $5.75-$5.77, $5.60-$5.62, $5.50-$5.52, $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 $5.87-$5.90, $5.99-$6.03, $6.09-$6.11, $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: $5.75-$5.77, $5.60-$5.62, $5.50-$5.52, $5.42-$5.45, $5.31-$5.33, $5.19-$5.21.
Resistance: $5.99-$6.03, $6.09-$6.11, $6.15-$6.17, $6.34-$6.37, $6.65-$6.69, $6.90-$6.94.
Natural gas prices sold back off yesterday, in this market’s second failure to further its advance this week. It is unusual.
Dollars per million Btu
Natural gas prices are overbought enough to prevent prices from the vertical ascent seen a few months ago.
Dollars per million Btu
EIA Weekly Storage Figures
This week’s EIA report showed a draw of 153 bcf on expectations for a draw of 151 bcf. Stocks are now 286 bcf higher than a year ago, against a surplus of 379 bcf a week ago, a surplus of 359 bcf two weeks ago and a surplus of 381 bcf three weeks ago. Stocks are now 10.08% higher than a year ago. They are 316 bcf and 11.25% above the five-year average.
For this week, the eight-year average (of similar Friday reports) was a draw of 87.88 bcf. The five-year average was a draw of 75.0 bcf. Last year’s draw was 47 bcf. The year-to-year surplus fell three percentage points (from 13.08%)
EIA Report
| Region | 01-01-10 | 12-25-09 | Change | Last Year | 5 Yr Avg |
| Cons East | 1686 | 1779 | dn 93 | 1547 | 1574 |
| Cons West | 434 | 453 | dn 19 | 390 | 378 |
| Producing | 1003 | 1044 | dn 41 | 900 | 856 |
| Total US | 3123 | 3276 | dn 153 | 2837 | 2807 |
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 down $0.25 at $82.41/barrel at 8.30 AM EST, this morning. February heating oil prices were down 0.55 cents to 2.1781/gallon. February RBOB prices were down 0.38 cents to $2.1311. February natural gas prices were down $0.038 to $5.768/mmBtu. Traders were selling earlier today on the unemployment figures. Many analysts had been looking for a smaller increase in unemployment, and some had spoken of it as a potential turning point; it was not. A number of analysts had believed that this unemployment report could be the one to end the trend of job losses. If it had been, it would have been seen as a major turning point. These analysts were looking for effectively no change, and in that hope they were disappointed. Job losses in December were higher than expected, coming in at a loss of 85,000 non-farm jobs. Expectations had been for the loss of 10,000. November jobs were revised up 4,000, from an initial loss of 11,000. 
Crude oil prices backed off slightly yesterday, but they still remain well above the previous resistance at $82.00. While we could see more of a correction, the trend remains pointed higher. | 
Heating oil prices were the first to break over last year’s highs this week, but they have been first to slow and lose some of their upwards momentum. There is resistance now at 220.60-221.20. Opec countries are expected to cut exports of oil (in the four-week period ending January 23rd) by the largest amount in nine months, according to Oil Movements. The tanker-tracking service is looking for Opec to move 22.7 million bpd, a decline of 1.8%, the largest drop in exports since April 2nd, when shipments fell 4.2%. Part of the reason for this is the extremely low level of imports by American Refineries. The latest DOE report showed crude oil imports of 8.355 million barrels per day (bpd), which was 2.130 million bpd lower than the figure seen one year ago. This figure was not an aberration, either. This week’s crude oil import figure represented an increase of 328,000 bpd from the number seen a week ago. Refiners have kept imports at historically low levels in order to avoid adding to crude oil inventories. |
| Crude oil prices took a break in their near-vertical ascent yesterday. | |
At the end of the day, the biggest factor on the horizon is a probable large drawdown in distillate stocks (also in natural gas stocks) in next week’s reports. Temperatures have been extremely cold recently, and have certainly eaten into stocks.
An Illustrated Look at Energy Market Factors
A Look at the US Dollar Versus the Euro
Dollar-Euro (dollar in euro cents): Three-Month Bar-Chart 
The US dollar tried to follow through on the downside yesterday morning, after having declined on Wednesday. Instead, though, the US currency rallied, and ended the session near the day’s highs. In early trading last night, the dollar was essentially unchanged at its new higher levels.
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 made was up 33.18 points yesterday, but that leaves it very near its recent highs and thoroughly capable of breaking to fresh highs. Stronger equities remain a reason for oil traders to buy.
Source: http://money.cnn.com/quote/chart/chart.html?symb=djia&sid=1643&time=6mo&Submit1=Refresh
A Look at Temperatures
Temperatures remain bitterly cold across large parts of the continental US.
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| Temperatures are likely to remain on the cold side into early next week. |
Recommendations for Specific Market Segments
Heating Oil Distributors Heating oil prices were down slightly yesterday, but the trend in this market is still higher. Although we do not believe that the fundamentals have ever really had their day in the sun, we may have passed the point where that really matters. It is clear, here, now, that heating oil prices are not suddenly going to reflect the fundamentals at their most bearish point two ore three months ago. What is also clear is that investors will continue to pile into commodities, starting with oil futures, for the flimsiest reasons. And we will probably see a huge drawdown in next week’s DOE report. That could boost prices to even higher levels. We would hold caps and would add to them here, on this dip. We would continue to add to them on any additional weakness beyond this. We expect prices to advance another 10-15 cents a gallon and potentially more.. Diesel Users We would hold and add to capped-price protection here today. NYH Ultra Low Sulfur Diesel.…217.50-218.00 minus 0.750 USG Ultra Low Sulfur Diesel.…217.00-217.50 minus 1.250 Jet/Kerosene Users & Airlines New York Harbor cash market differentials were 1.75 to 2.25 cents over January heating oil in NY Harbor and 2.00 to 1.75 under the screen in the US Gulf. Diesel & Gasoline Marketers We want to be hedged against downside risk, despite the apparent bias to higher numbers. Gasoline Blenders & End-Users The market is headed higher and we see little, other than long liquidation, capable of stopping it here. Prompt NYH Fuel Ethanol…..204.00-206.00 Prompt USG Fuel Ethanol….195.00-197.00 Quotes from 01-06-10 Heating Oil End-Users We would hold and add to capped-price protection this morning. Speculators The market has everything lined up for higher prices. We would be buying into dips before 11 AM this morning. Refiners The 7:5+2 crack spread was $7.59 yesterday. Crude Oil Producers Crude oil prices backed down yesterday, after an almost vertical move higher. The trend is still higher, with objectives to $85.54 and potentially higher. | Prompt Jet Fuel Prices New York Harbor 220.25-220.75 US Gulf 216.50-217.00 Midwest (Group Three) 216.85-218.85 Midwest (Chicago) 213.85-215.35 Los Angeles 220.00-221.00 San Francisco 220.00-221.00 Portland, Oregon 220.00-221.00 Cents per gallon Propane Prices Mont Belvieu……….…..non-TET………$1.446140 Cents per gallon  Gasoline prices were mildly lower yesterday, but they did nothing to reverse the trend higher. As long as prices remain over 211.24, it will be hard to construct a convincing bearish argument in this market. At this stage, yesterday’s decline looks like profit-taking.
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