Prices for January 12th, 2010
| HEATING OIL cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 217.53 | 210.74 | 213.18 | dn 04.83 | | MAR | 218.34 | 211.81 | 214.17 | dn 04.78 | | APR | 217.92 | 212.20 | 214.53 | dn 04.75 | | MAY | 218.14 | 213.99 | 214.98 | dn 04.79 | | JUN | 219.60 | 213.58 | 215.65 | dn 04.76 | | JUL | 219.76 | 216.45 | 217.20 | dn 04.72 | | AUG | 221.25 | 217.95 | 218.97 | dn 04.74 | | SEP | 225.53 | 220.57 | 221.17 | dn 04.79 | | OCT | 226.12 | 222.67 | 223.60 | dn 04.86 | | NOV | 227.80 | 227.40 | 226.00 | dn 04.88 | | DEC | 231.27 | 227.50 | 228.40 | dn 04.88 | | JAN | 233.00 | 233.00 | 230.75 | dn 04.88 | | Estimated Volume (day before) total all prev day 105,146 | | NYMEX CRUDE OIL dollars per barrel | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 82.34 | 79.91 | 80.79 | dn 01.73 | | MAR | 82.82 | 80.29 | 81.17 | dn 01.84 | | APR | 83.29 | 80.82 | 81.70 | dn 01.85 | | MAY | 83.89 | 81.50 | 82.28 | dn 01.86 | | JUN | 84.45 | 81.99 | 82.84 | dn 01.86 | | JUL | 84.96 | 82.55 | 83.40 | dn 01.84 | | | | | | | | | Estimated Volume… 525,825 Opec Basket…$80.29 up $0.35
Prompt #2 Oil NYH 88..-1.50 to -1.00, 74 Lo S…-0.75 to -0.25
US Gulf 88 grade…-3.50 to -3.00, 74 grade Lo S…-0.75 to -0.25 Group .........-5.50 to -5.25 Lo S.....-5.50 to -5.25
Chicago ......-15.50 to -14.00 cash quotes by Dow Jones | | | |
| NYMEX RBOB GASOLINE cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 214.60 | 206.61 | 209.78 | dn 04.49 | | MAR | 215.60 | 207.99 | 211.06 | dn 04.41 | | APR | 225.02 | 218.20 | 221.02 | dn 04.42 | | MAY | 225.45 | 219.16 | 221.91 | dn 04.48 | | JUN | 226.98 | 219.71 | 222.43 | dn 04.59 | | JUL | 223.61 | 219.85 | 222.39 | dn 04.57 | | AUG | 224.50 | 222.75 | 222.01 | dn 04.60 | | SEP | 223.40 | 221.05 | 221.26 | dn 04.60 | | Estimated RB Volume day before 110,257 | | NYMEX NATURAL GAS dollars per mmBtu | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 5.605 | 5.354 | 5.591 | up 0.137 | | MAR | 5.565 | 5.327 | 5.552 | up 0.120 | | APR | 5.524 | 5.311 | 5.520 | up 0.115 | | MAY | 5.575 | 5.371 | 5.569 | up 0.112 | | | Estimated Volume…day before (259,834)
Nymex statistics are based on composite Access & Day Sessions
Prompt Gasoline NYH M5 -0.75 /+0.25 RBOB +5.75 /+6.25
US Gulf M4: -3.25 to -2.75 RBOB +2.00 to +2.50
L.A. Conv Reg 202.00-203.00, N-grade Group 204.80-205.30 Chi 201.80-202.30 | |
Market Review for Tuesday
HINA surprised world financial markets yesterday by raising the proportion of deposits that banks need to set aside as reserves. The move was made to apply the brakes to a credit boom that threatens to lead to severe inflation or asset bubbles. This follows recent moves by the central government to raise interest rates, and it was seen as a bearish factor for stocks and commodities yesterday. Working together with continuing forecasts for milder temperatures, this move helped to push oil prices lower yesterday.
Crude oil futures reached a seven-session low point yesterday, as the second week of 2010 has (so far) failed to follow through on he carefully orchestrated first week burst to new highs. In the waning days of 2009, the bulls were given a free hand to build a platform capable of springboarding prices to higher levels than anything seen last year. With the coldest temperatures in decades greeting traders with the new year, it was not difficult to make new highs. With those vanishing, it is harder.
| Fuel for Thought In a surprising bit of good news for consumers and their wallets, grain prices collapsed yesterday on record corn crop estimates. Last year’s crop came in a little over 12 billion bushels for corn, with a yield of 153.9 bushels an acre. Yesterday’s crop estimates suggest that this year’s corn crop will top 13 billion bushels with a record yield of more than 165 bushels an acre. Corn prices dropped by their 30-cent a bushel daily limit yesterday, as a result. Agricultural experts called the report a “sea-change,” and predicted that the latest figures could give us downward trending prices well into 2010. The USDA also predicted a record soybean crop and yield. Wheat’s figures were nowhere near as bearish, but prices still dropped 6.4% in sympathetic trading yesterday. |
The dollar rallied and the DJIA was lower yesterday, and that removed a source of potential support from the market. At the same time, Shell reported receiving reports that there had been an armed attack on a convoy escorting workers in Nigeria, one of the first attacks reported in a while since the ceasefire and truce had been declared between the government and rebel groups. There was also news that a rat had shorted out Citgo’s refinery in Corpus Christi (156,000 bpd) in Texas. These factors may come back another day, but they were not market movers yesterday.
More interesting (in a longer-term way) was an accusation by Iran that the US and Israel may have been behind a bomb attack in Teheran that killed a nuclear physicist. The Kingdom Assembly of Iran, a political group opposed to Iran’s theocratic government, claimed responsibility, but the Foreign Ministry was quoted saying, “Signs of evil by the triangle of the Zionist regime, the US and their mercenaries in Iran can be seen in this terrorist incident.” The foreign ministry promised that “such terrorist acts and the elimination of the country’s nuclear scientists will certainly not halt the scientific and technological process.” That does not sound like a country eager to negotiate.
Technicals
The oil complex was lower again yesterday, but prices still have fairly thick support beneath them. The longer-term trends in these markets remain pointed higher. We expect prices to turn back up at some point in the near future. Overbought pressures have been relieved by recent weakness.
Cents per gallon
Above: The third month contango has reached a low point that is largely seasonal. It is amazing that there is any contango at all.
February crude oil now has buy-stops over $82.35, $83.95, $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 $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 217.55, 222.72, 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 210.74, 210.00, 209.30, 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, and 168.60. February RBOB has buy-stops over 214.60, 219.27, 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 206.60, 204.65, 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 17 yards on fourth and 16 to go, turning the ball over to the bears.
Technical Support & Resistance
Feb crude oil Support: $79.60-$79.75, $79.00-$79.20, $77.75-$77.85, $76.00-$76.20, $74.25-$74.40.
Resistance: $82.25-$82.35, $83.85-$83.95, $84.70-$84.85, $85.05-$85.15, $89.70-$89.85.
Feb heating oil Support: 210.74-210.85, 209.30-209.45, 203.85-204.00, 199.80-200.00, 195.00-195.20.
Resistance: 217.45-217.55, 222.60-222.72, 225.60-225.80, 226.95-227.05, 228.95-229.10.
Feb Rbob Support: 206.60-206.80, 204.55-204.65, 202.65-202.80, 198.60-198.75, 194.55-194.70.
Resistance: 214.45-214.60, 219.10-219.30, 222.60-222.70, 228.75-228.86, 239.80-240.10.
Oil Inventory Reports
This week’s DOE report will command traders’ attention in distillate stocks, which should go against their historical grain by showing a rather large draw. Only one in the last eight years – 2002 – showed any draw at all for this particular reporting week. Our own attention will then take us to distillate demand, which should be higher, and then to refinery utilization, which may tell us more about this winter’s maintenance plans. We normally see significant declines in utilization in January, but the existence of so much spare capacity could allow refineries to rotate units in and out of service.
Last 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.
Last 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 build of 1.206 mln bbls in crude oil stocks, a build of 3.595 mln bbls in distillate stocks and a build of 6.824 mln bbls in gasoline inventories. Utilization was up 0.3% to 79.8%. Implied demand came in at 8.097 mln bpd in gasoline and at 3.546 mln bpd in distillate. Crude oil imports were up 0.995 mln bpd to 9.729 mln bpd. This was an unexpectedly bearish report, especially with the huge builds in products.
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 2.35 to 2.85 mln bbls | up 6.346 | dn 0.233 mln bbls | up 15.600 |
| Gasoline | dn 0.25 to 0.75 | up 2.068 | up 3.737 | up 4.700 |
| Crude oil | up 2.00 to 3.00 | up 1.144 | up 1.329 | up 1.100 |
| Utilization | up 0.5% to 1.0% | up 0.6% at 85.2% | dn 0.41% at 79.86% | |
| Crude Imports | up 0.500 to 1.000 mmbd | dn 0.756 to 9.729 | 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 4,599 contracts on Monday, when prices were lower, giving us a net gain of 101,159 contracts so far this new year. Prices were lower on Monday, suggesting new selling, but that may be revised later.
Heating oil open interest grew by 5,230 contracts on Monday, when prices were lower. That looks like new selling and would be bearish. Open interest is up 22,359 contracts so far this year.
RBOB open interest rose by 2,773 contracts on Monday when prices were lower. That looks like new selling and would be bearish. So far, in 2010, 28,357 new contracts have been added.
Natural gas open interest rose by 12,523 on Monday, when prices were lower. Open interest is up 46,883 contracts so far this new year.
Monday’s Open Interest Changes:
Crude 1,294,224 up 4,599 Heat 329,151 up 5,230 RBOB 263,011 up 2,773 Nat gas 752,440 up 12,523
CFTC Commitments of Traders for Nymex (for the period ended Tuesday, Jan. 5th)
Crude oil prices gained $2.90/bbl over the latest reporting period, and the best buying came from producers, who added 5,721 new longs and covered 3,655 shorts. The other categories were net sellers, with swap dealers liquidating 166 longs and adding 5,828 shorts. Managed money liquidated 2,148 longs and added 1,906 shorts. Other reportables liquidated 890 longs and added 2,375 new shorts. These changes were unexpected; we expected more buying by funds, which may have come later.
In heating oil futures, prices gained 7.75 cents a gallon, and the best buying came from managed money accounts. They bought 9,302 new longs against only 1,443 new sales. Swap dealers were minor buyers, with 218 new purchases and 266 covered shorts. Producers liquidated 12,559 longs and covered 2,028 shorts, and other reportables liquidated 1,529 longs and added 514 new shorts. Funds were the ones pushing prices higher in heating oil futures.
Gasoline prices were up 9.60 cents a gallon during the period under review. Managed money added 15,583 new longs and only 118 new shorts. Producers liquidated 10,528 longs and added 6,298 new shorts. Swap dealers liquidated 712 longs and added 122 shorts, while other reportables liquidated 227 longs and added 280 new shorts. Funds pushed prices higher, here.
In natural gas, prices dropped 20.3 cents during the period under review. Large speculators sold 9,624 new contracts, with money managers selling 9,656 contracts. Swap dealers were the best buyers, adding 6,945 contracts, with assorted “other reportables” adding 841 contracts. The short position of money managers is a huge mystery, clearly being spread somewhere.
Natural Gas & Utility Generation
Natural gas prices rallied yesterday, gaining almost 14 cents, as traders turned their attention from warmer, more moderate weather forecasts to this week’s EIA underground storage report. The report, out tomorrow, will reflect the bitterly cold temperatures experienced across most of the country, and early estimates suggest that we could see a drawdown of major proportions, which would, at least for now, reduce the surpluses against both a year ago and against the five-year average for this time of year. Estimates suggest a draw of 250 bcf in this week’s report.
Yesterday’s low, above $5.35, kept an upward-slanting trendline intact, and it seems to have brought in some technical buying just as fundamental traders were looking ahead to a heavy drawdown from storage this week. That confluence of buying was able to push quotes back into the upper $5.50’s before selling returned. The selling was not heavy, but traders remain unlikely to push prices much higher in light of current weather forecasts. At this stage, we seem to be in the middle of a major moderation in temperatures, and that seems likely to keep prices from getting themselves above $6.00 for any extended period of time. Nonetheless, with a possibly major adjustment in the surpluses this week, levels under $5.00 seemed low.
The bigger question in this market is whether we will see a return to the colder-than-normal readings that were experienced almost everywhere in the country during the first week of this new year. Temperatures have been trending towards colder readings for nearly 15 months, now, so we do have a clear trend in place. The current moderation, though, could potentially represent a change in that trend, if it lasts for three weeks or more.
We are not ready to see a trend change in this moderation, yet. If it continues, we will need to re-evalue that approach, but until we get to that point, we have to expect the trend to reassert itself, almost certainly sooner than later. For now, and until this week’s report has been absorbed by the market, we have to see this market in the context of a market trending higher in a winter trending colder, with a moderating correction in readings right now.
In cash trading yesterday, Henry Hub prices were at $5.49-$5.72, down $0.12-$0.21 on the day (DJN). SoCal prices were at $5.52-$5.70, down $0.11-$0.13 on the day. El Paso Permian prices were down $0.15-$0.17 at $5.30-$5.52. Katy prices were down $0.08-$0.18 to $5.35-$5.60. Waha prices were down $0.17-$0.19 at $5.43-$5.54. Transco 6 was down $0.40-$1.71 at $6.60-$6.85/mmBtu, according to Dow Jones News (DJN). Northeastern pipelines continued to show the biggest losses, but quotes were lower across the country as brutal temperatures continue to ease.
Palo Verde prices were last quoted at $48.00-$49.75/mwh. Northeastern prices last traded at $47.00-$61.25. Entergy was last at $45.00-$46.00. Ercot was last at $41.50-$42.00/mwh.
Support is at $5.42-$5.45, $5.35-$5.38, $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 $5.62-$5.63, $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: $5.42-$5.45, $5.35-$5.38, $5.31-$5.33, $5.19-$5.21, $5.12-$5.14, $4.96-$4.99..
Resistance: $5.62-$5.63, $5.87-$5.90, $5.99-$6.03, $6.09-$6.11, $6.15-$6.17, $6.34-$6.37.
Natural gas prices found support at their trendline.
Dollars per million Btu
Natural gas prices are still in a longer-term uptrend.
Dollars per million Btu
EIA Weekly Storage Figures
Last 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 103.0 bcf. The five-year average was a draw of 79.6 bcf. Last year’s draw was 94 bcf. Early estimates suggest a draw of 250 bcf or more.
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 $0.65 at $80.14/barrel at 9.30 AM EST, this morning. February heating oil prices were down 2.03 cents to 2.1115/gallon. February RBOB prices were down 2.57 cents to $2.0721. February natural gas prices were down $0.079 to $5.512/mmBtu. Last night’s bearish API report and forecasts for moderating weather were the factors helping to push prices lower this morning. Tighter Chinese credit was also still a talking point this morning. DOE Expectations The table below lists the final 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 up 1.000 up 1.500 up 1.200 mln bbls Distillate dn 1.800 dn 1.300 dn 1.800 Gasoline up 1.000 up 1.700 up 1.200 Utilization up 0.1% up 0.5% up 0.3% 
Crude oil prices were higher early yesterday, but they sold off later in the day, giving us a common reversal day. Prices broke $83.52, but could not settle above that level. | 
Heating oil prices broke higher in early trading yesterday, but they sold off through the day and finished near the day’s lows, giving is a common reversal Prices broke 221.20, but could not finish above it. DOE History: Distillate stocks have grown in seven of the last eight years, by an average of 2.206 mln bbls. The eight-year average is a build of 1.893 mln bbls. Gasoline stocks rose in eight of the last eight years, for an eight-year average build of 2.871 mln bbls. Crude oil stocks have been higher in six of the last eight years for a six-year average build of 3.224 mln bbls and it has an eight-year average build of 0.993 mln bbls. Utilization has been lower in six of the last eight years and has an eight-year average decrease of 1.96%, and it has an eight-year average utilization figure of 89.17%. The four-year, pre-hurricane utilization average was 91.67%. Since Katrina, refineries have run at an average utilization rate of 86.67%. Crude oil imports have been higher in three of the last six years, and the average crude oil import figure over the last six years has been down 159,000 bpd. The average crude oil import figure over the last six years has been 10.059 million bpd. Imports have been a solid 2.0 million bpd below that recently. |
| Crude oil prices have turned suddenly, sharply, lower. | |
Moderating temperature forecasts have combined with last night’s API report and yesterday’s higher Chinese bank reserve requirements to create a bearish feel in this complex this morning.
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 rallied slightly yesterday, but it remains below its consolidation range. The burden of proof is on the shoulders of the bulls, but the bears do not seem to be making the headway one might expect them to be capable of, here.
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 dropped almost 37 points yesterday, just a day after advancing to new highs. This has been the pattern in this market, of new highs followed by declines, and then a new surge to fresh highs.
Source: http://money.cnn.com/quote/chart/chart.html?symb=djia&sid=1643&time=6mo&Submit1=Refresh
Recommendations for Specific Market Segments
Heating Oil Distributors Heating oil prices have fallen so far this week, but we have a hard time seeing this as a lasting trend. Of course, a great deal depends upon the weather, which is now forecast to be more moderate than had been the case until recently. We still expect a decent drawdown in this morning’s DOE report, but if we see a build, like we did in the API report, it could lead to a wave of selling. We would be aware of this possibility, At the same time, we continue to view price declines as an opportunity to cap future prices. We do not fully trust either the weather or the market to continue moderating, and feel that we should use fresh weakness to cap product. We would wait until later today to buy capped-price programs or calls. Diesel Users We would hold and add to capped-price protection here today. NYH Ultra Low Sulfur Diesel.…212.25-212.75 minus 0.500 USG Ultra Low Sulfur Diesel.…214.25-214.75 minus 0.000 Jet/Kerosene Users & Airlines New York Harbor cash market differentials were 3.25 to 3.75 cents over January heating oil in NY Harbor and 2.25 to 2.75 under the screen in the US Gulf. We like locking in differentials. Diesel & Gasoline Marketers The first time we suggest leaving something unhedged, and prices dip two cents. It shows that we should stay hedged all the time, here. Gasoline Blenders & End-Users This market has objectives up to 230, 236 and 242. We expect to see the first, although the next two may wait until spring. 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 caps and would add to them here. Do not use anything other than caps or maybe calls. Futures are treacherous. Speculators We would hold onto long call positions, here. Refiners The 7:5+2 crack spread was $7.73 yesterday. Crude Oil Producers Crude oil prices have weakened recently, but we do not expect this to last that much longer. There are still a number of bullish variables out there – or variables that can be used by the bulls. | Prompt Jet Fuel Prices New York Harbor 216.25-216.75 US Gulf 215.25-215.75 Midwest (Group Three) 210.05-211.05 Midwest (Chicago) 207.45-207.95 Los Angeles 211.00-212.00 San Francisco 211.00-212.00 Portland, Oregon 211.00-212.00 Cents per gallon Propane Prices Mont Belvieu……….…..non-TET………$1.293980 Cents per gallon  Gasoline prices dropped steeply yesterday, but we have a hard time believing that prices are done with the upside. Prices are pulling back into support, where there should be good buying.
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