Prices for January 25th, 2010
| HEATING OIL cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 196.92 | 193.54 | 196.58 | up 02.42 | | MAR | 197.90 | 194.55 | 197.50 | up 02.20 | | APR | 198.30 | 194.75 | 198.02 | up 02.06 | | MAY | 198.99 | 195.90 | 198.72 | up 01.97 | | JUN | 199.92 | 196.58 | 199.72 | up 01.92 | | JUL | 201.76 | 199.03 | 201.61 | up 01.91 | | AUG | 203.74 | 202.06 | 203.60 | up 01.80 | | SEP | 205.85 | 203.82 | 205.88 | up 01.73 | | OCT | 208.59 | 207.00 | 208.50 | up 01.73 | | NOV | 210.63 | 209.50 | 211.12 | up 01.70 | | DEC | 214.16 | 211.34 | 213.76 | up 01.69 | | JAN | 216.24 | 214.53 | 216.26 | up 01.61 | | Estimated Volume (day before) total all prev day 129,417 | | NYMEX CRUDE OIL dollars per barrel | | MONTH | HIGH | LOW | SETTLE | CHANGE | | MAR | 75.42 | 74.06 | 75.26 | up 00.72 | | APR | 75.82 | 74.52 | 75.69 | up 00.77 | | MAY | 76.31 | 75.10 | 76.27 | up 00.81 | | JUN | 76.92 | 75.71 | 76.84 | up 00.79 | | JUL | 77.49 | 76.34 | 77.43 | up 00.80 | | AUG | 77.96 | 76.95 | 77.98 | up 00.81 | | | | | | | | | Estimated Volume… 590,866 Opec Basket…$73.02 dn $1.52
Prompt #2 Oil NYH 88..-1.00 to -0.75, 74 Lo S…+0.50 to +1.00
US Gulf 88 grade…-5.00 to -4.50, 74 grade Lo S…-2.25 to -1.75 Group .........-4.00 to -3.50 Lo S.....-4.00 to -3.50
Chicago ......-9.75 to -8.75 cash quotes by Dow Jones | | | |
| NYMEX RBOB GASOLINE cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 200.44 | 195.20 | 200.08 | up 03.51 | | MAR | 201.17 | 196.09 | 200.76 | up 03.42 | | APR | 210.00 | 205.27 | 209.60 | up 03.13 | | MAY | 210.50 | 206.15 | 210.11 | up 02.85 | | JUN | 210.33 | 206.49 | 210.08 | up 02.50 | | JUL | 209.70 | 206.31 | 209.50 | up 02.19 | | AUG | 208.60 | 208.60 | 208.69 | up 01.98 | | SEP | 207.81 | 204.98 | 207.87 | up 01.80 | | Estimated RB Volume day before 96,401 | | NYMEX NATURAL GAS dollars per mmBtu | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 5.854 | 5.671 | 5.722 | dn 0.097 | | MAR | 5.786 | 5.604 | 5.663 | dn 0.087 | | APR | 5.724 | 5.557 | 5.615 | dn 0.073 | | MAY | 5.754 | 5.595 | 5.651 | dn 0.067 | | | Estimated Volume…day before (273,956)
Nymex statistics are based on composite Access & Day Sessions
Prompt Gasoline NYH M5 -0.00 /+0.50 RBOB +7.00 /+7.50
US Gulf M4: -3.50 to -3.25 RBOB +2.50 to +3.00
L.A. Conv Reg 210.00-211.00, N-grade Group 194.35-194.60 Chi 194.85-195.35 | |
Market Review for Monday
HE oil complex finally turned higher yesterday, after three straight days of declines. The DJIA rallied almost 24 points, which helped to arrest the almost wholescale repudiation of risk seen at the end of trading last week. The US dollar was also slightly weaker yesterday and, while neither of these had trend-changing sessions, both had sessions that arrested moves lower in equities and higher in the dollar.
Traders found a sense of continuity in expectations that Ben Bernanke will be reappointed as Federal Reserve Chairman later this week. And the slowing in the recent trends seems to have brought back some risk appetite. There was also some buying in gasoline yesterday as traders reacted to news of a fire at Motiva’s Louisiana refinery. Even though demand is extremely light right now, some traders are starting to view low refining rates with alarm, fearful that any recovery in economic activity might bump consumption above current output levels.
| Fuel for Thought Iran’s Supreme Leader Ayatollah Ali Khamenei, said earlier today that Iran will not allow itself to “be blackmailed” by world powers. “Our people are standing firm for their rights and will not back down,” he said in front of supporters this morning. Iran has given until the end of January for the UN to accept its counter-proposal to a United Nations Security Council proposal. The Iranian counter-proposal would involve a phased exchange of enriched fuel rather than the entire exchange at once, which is what Western leaders and the Security Council are insisting upon. China, which has been playing both sides in the discussion, insisted today that there is still time for a diplomatic solution without sanctions. |
We are also expecting colder temperatures as we move through this week, and that is expected to increase demand for heating fuels and electricity generation. As we move forward, the bigger questions with the colder weather are: how cold and for how long? We rarely have the answers to those questions until any cold spell is over or nearly over. Nonetheless, we do know we have colder readings coming.
More than anything else, yesterday’s rally in equities seems to have allayed some fears that the stock market was headed towards some sort of meltdown. Unfortunately, we feel that it may have been premature to take that kind of reassurance from yesterday’s rally. Equities have spent a large part of the last two months moving effectively sideways and the declines seen at the end of last week look foreboding to us. If the world economy does not get some strong, positive news this week, we fear additional declines may be coming.
We did not get that positive news from existing home sales, which dropped 17%, the most since 1968 when records began, to 5.45 million units, down from 6.54 million in November. For 2009, sales were up 4.9% to 5.16 million.
Technicals
Oil prices stopped moving lower yesterday, but we cannot read much more than that into the day’s activity. The decline might have stopped, but it does not look like the beginning of anything major or durable on the upside, yet. As a result, we are watching prices cautiously from here.
Dollars per barrel
Above: Refiner margins have been holding steady at unspectacular numbers.
March crude oil now has buy-stops over $75.42, $76.50, $78.36, $79.31-$79.47, $80.67, $82.35, $83.95, $84.83, $85.13, $89.82, $90.99, $93.02, $96.03, $100.37, $102.85, $106.91, and $108.11. Sell-stops are under $74.00, $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 196.92, 199.60, 203.51, 204.45, 205.50, 208.10, 210.91, 211.90, 217.55, 222.72, 225.80, 227.05, 229.08, 238.95, 249.62, 251.50, 256.48, 265.89, 273.20, and 288.50. Sell stops are under 193.00-193.19, 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 200.45, 206.88-207.35, 208.30, 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 195.20, 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 bears lost seven yards on first down yesterday, making it their second down, 17 to go today.
Technical Support & Resistance
Mar crude oil Support: $74.00-$74.40, $72.70-$72.85, $71.95-$72.05, $71.20-$71.30, $70.55-$70.65.
Resistance: $75.35-$75.42, $76.35-$76.50, $78.25-$78.36, $78.95-$79.05, $79.31-$79.47.
Feb heating oil Support: 193.50-193.60, 193.00-193.20, 191.00-191.20, 190.00-190.15, 189.55-189.70.
Resistance: 196.80-196.92, 199.45-199.60, 203.40-203.51, 204.30-204.45, 205.40-205.50.
Feb Rbob Support: 195.20-195.35, 194.55-194.70, 189.65-189.75, 185.00-185.15, 184.60-184.75
Resistance: 200.30-200.45, 206.25-206.35, 207.25-207.35, 208.10-208.30, 214.45-214.60.
Oil Inventory Reports
This week’s DOE report will attract very pointed attention. The four-week demand figures released by the DOE will be more important than they have been for a number of months, and it will not just be oil traders and analysts looking at these figures this week. Those looking at the economy are likely to see in these figures a fresh look at industrial demand. Further declines from the figures seen last week could be signs that the economy has more work in front of it than had been widely imagined at the start of 2010. Refinery utilization and crude oil import figures could also tell us about the broader economy.
Last Week’s Inventory Comparison: Distillate stocks are now 12.2 million bbls, or 8.42%, higher than a year ago. Heating oil inventories are 1.2 mln bbls, or 3.02%, higher than they were a year ago. Gasoline stocks are 12.0 mln bbls (up 5.57%) higher against a year ago. Crude oil stocks are now 7.5 million bbls, or 2.22%, lower than a year ago. Residual stocks are 3.0 mln bbls (8.38%) higher than a year ago, jet fuel stocks are 4.6 mln bbls, (11.76%) higher than a year ago. Utilization is 4.92% lower than a year ago and 9.60% below the eight-year average. It is 11.72% lower than the four-year, pre-Katrina average and 7.47% 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 18.798 million bpd, down 0.394 mln bbls on the week, and down 0.336 mln bpd and 1.76% against a year ago. Two weeks ago, it was 0.050 mln bpd and 0.26% higher than a year ago. Four-week gasoline demand is at 8.789 mln bpd, down 0.23%, compared to up 0.32% two weeks ago. Four-week distillate demand is now at 3.660 mln bpd, down 6.84%, compared to down 0.98% two weeks ago. Four-week jet demand is now at 1.375 mln bpd, flat against a year ago, compared to up 8.17% two weeks ago. Four-week residual fuel demand is at 0.471 mln bpd, down 35.11%, compared to down 1.19% nine weeks ago. Propane use is up 14.74%, at 1.596 mln bpd, compared to being up 17.63% seven weeks ago.
Last Week’s API Report: This week’s API report showed a draw of 1.802 mln bbls in crude oil stocks, a draw of 3.385 mln bbls in distillate stocks and a build of 0.667 mln bbls in gasoline inventories. Utilization was down 2.5% to 77.3%. Implied demand came in at 8.945 mln bpd in gasoline and at 4.303 mln bpd in distillate. Crude oil imports were up 0.071 mln bpd to 9.800 mln bpd. This report was more in line with what had been expected a week ago; it was bullish.
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 | dn 1.005 | dn 3.263 mln bbls | up 12.200 |
| Gasoline | up 1.75 to 2.25 | dn 0.121 | up 3.950 | up 12.000 |
| Crude oil | up 2.50 to 3.50 | up 6.218 | dn 0.471 | dn 7.500 |
| Utilization | dn 0.5% to 1.0% | dn 0.8% at 82.5% | dn 2.92% at 78.38% | |
| Crude Imports | up 0.000 to 0.250 mmbd | dn 0.158 to 9.708 | dn 0.355 to 8.540 mln bpd | |
| DOE Distillate Demand | 3.823 mln bpd | up 209,000 | Gasoline Demand | 8.602 mln bpd | dn 138,000 |
| DOE Distillate Production | 3.483 mln bpd | dn 372,000 | Gasoline Production | 8.565 mln bpd | up 054,000 |
| DOE Distillate Imports | 0.272 mln bpd | dn 265,000 | Gasoline Imports | 0.730 mln bpd | dn 162,000 |
Source: US Department of Energy’s Energy Information Administration
Open Interest Analysis
Crude oil open interest fell by 15,795 contracts on Friday, when prices were lower. That looks like heavy long liquidation, which would be supportive. The first few weeks saw accumulation; recently traders have been getting out of positions.
Heating oil open interest grew by 434 contracts on Friday, when prices were lower. That looks like new selling, which would be bearish.
RBOB open interest fell by 3,592 contracts on Friday when prices were lower. That looks like long liquidation, which would be supportive.
Natural gas open interest grew by 11,176 on Friday, when prices were higher. That looks like heavy, new buying, but we have seen open interest grow on moves in both directions. It still has increased this year.
Friday’s Open Interest Changes:
Crude 1,311,310 dn 15,795 Heat 315,060 up 434 RBOB 272,036 dn 3,592 Nat gas 784,476 up 11,176
CFTC Commitments of Traders for Nymex (for the period ended Tuesday, Jan 19th)
Crude oil prices dropped $1.77bbl over the latest reporting period, and the best selling came from the “producer” category, which sold 14,219 new shorts and bought 10,294 new longs. Other reportable positions liquidated 8,462 longs and covered 5,789 shorts. There was net buying from swap dealers and managed money, with swap dealers adding 867 new longs and covering 700 shorts. Managed money liquidated 2,554 longs and covered 3,939 shorts.
In heating oil futures, prices dropped 8.64 cents a gallon, and the best net selling came from managed money accounts. They liquidated 12,289 long accounts and covered just 243 shorts. Everyone else was a net buyer, with producers liquidating 4,926 longs and covering 15,883 shorts, swap dealers adding 4,463 longs and covering 122 shorts, and other reportables buying 82 and covering 83 contracts. Fund selling pushed quotes lower.
Gasoline prices dropped 3.87 cents a gallon during the period under review. Managed money liquidated 3,011 longs and added 190 new shorts. Producers added 8,631 new longs and 4,968 new shorts. Swap dealers liquidated 597 longs and covered 146 shorts. Other reportables added 152 longs and covered 82 shorts. Funds pushed prices lower, here.
In natural gas, prices dropped 3.4 cents during the period under review. Producers added 8,443 longs and 8,327 shorts. Swap dealers added 4,622 new longs and covered 104 shorts, while other reportables liquidated 721 longs and added 5,506 new shorts. Managed money accounts liquidated 742 longs and covered 2,057 shorts. Other reportables were the best sellers.
Natural Gas & Utility Generation
Natural gas prices dropped nearly a dime yesterday in volatile trading. Traders were still trying to revalue natural gas prices after last week’s surprising underground storage withdrawals, but they were also trying to make sense out of fresh weather forecasts now suggesting a warming trend in the Midwest, right after some very cold air moves through later this week. It is unusual for weather forecasts to agree regularly, and gas traders were spoiled by the very cold readings seen at the end of the year and as we started 2010; they were too strong for disagreement.
That is not the case now. We are still expecting some bitterly cold readings to move from the Canadian Prairie into the Northern Plains and then into the Great Lakes and Northeast. But, it is the period immediately after that which seems now to be yielding differing results. According to Dow Jones, the National Weather Service (NWS) is calling for “below-normal readings across most of the country” through the first week of February, but it notes that “some private forecasters were predicting some warmer temperatures in the Midwest from February 4th to February 8th.” How this plays out, and any changes we get in either the NWS or in private forecasts over the next few days, should determine where we go next.
Because we are still in January, in the “heart of winter,” changes in daily weather forecasts are going to continue to have an impact on traders’ thinking. But, we believe that prices ‘belong’ at higher levels, even if we do not get any unusually large withdrawals from underground storage for a while, now. All we really need now is to keep pace with previous years and the surpluses that we started the season with will effectively be behind us. We do not yet believe that existing prices yet reflect what we have in storage right now. Any additional withdrawals will only argue for even higher prices.
Given where prices have been, and where storage levels now extrapolate forward, we feel that prices are at least half a dollar to a dollar on the low side right now. Obviously, changes in economic outlooks could change that, but right now, right here, we think prices are undervalued. As time goes by, especially if storage withdrawals keep pace with previous years, we expect prices to drift higher to reflect that.
In cash trading yesterday, Henry Hub prices were at $5.70-$5.82, up 0.07-$0.10 on the day (DJN). SoCal prices were at $5.77-$5.84, up $0.05 and down $0.06 on the day. El Paso Permian prices were up $0.01-$0.08 to $5.56-$5.64. Katy prices were up $0.01-$0.14 to $5.59-$5.80. Waha prices were up $0.08 but down $0.18 at $5.56-$5.57. Transco 6 was up $0.16-$0.18 at $6.26-$6.36/mmBtu, according to Dow Jones News (DJN).
Palo Verde prices were last quoted at $47.00-$50.00/mwh. Northeastern prices last traded at $43.00-$57.00. Entergy was last at $34.00-$34.50. Ercot was last at $43.90-$45.00/mwh.
Support is at $5.65-$5.67, $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, and $2.69-$2.70. 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: $5.65-$5.67, $5.42-$5.45, $5.35-$5.38, $5.31-$5.33, $5.19-$5.21, $5.12-$5.14.
Resistance: $5.87-$5.90, $5.99-$6.03, $6.09-$6.11, $6.15-$6.17, $6.34-$6.37, $6.65-$6.69.
Natural gas prices were back down again yesterday, demonstrating a greater problem with the upside than expected.
Dollars per million Btu
The longer-term picture is much more difficult to predict in this market.
Dollars per million Btu
EIA Weekly Storage Figures
Last week’s EIA report showed a draw of 245 bcf on expectations for a draw of 217-231 bcf. Stocks are now 22 bcf higher than a year ago, against a surplus of 103 bcf a week ago, a surplus of 286 bcf two weeks ago and a surplus of 379 bcf three weeks ago. Stocks are now 0.85% higher than a year ago. They are 6 bcf and 0.23% below the five-year average.
For this week, the eight-year average (of similar Friday reports) was a draw of 184.38 bcf. The five-year average was a draw of 184.4 bcf. Last year’s draw was 186 bcf. Reuters early poll is for a draw between 97 and 135 bcf.
EIA Report
| Region | 01-15-10 | 01-08-09 | Change | Last Year | 5 Yr Avg |
| Cons East | 1401 | 1532 | dn 131 | 1361 | 1457 |
| Cons West | 396 | 414 | dn 18 | 362 | 341 |
| Producing | 810 | 906 | dn 96 | 862 | 815 |
| Total US | 2607 | 2852 | dn 245 | 2585 | 2613 |
Bcf, or Billions of cubic feet. Source: Energy Information Administration, US Department of Energy
News & Views
| In trading on Nymex, March crude oil prices were down $0.74 at $74.52/barrel at 8.30 AM EST, this morning. February heating oil prices were down 1.73 cents to 1.9485/gallon. February RBOB prices were down 1.83 cents to $1.9825. February natural gas prices were down $0.142 to $5.580/mmBtu. Crude oil prices just fell below $74, on weak housing figures and a stronger dollar on fears of further Chinese credit tightening this morning. 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 up 1.900 up 1.580 up 1.700 mln bbls Distillate dn 0.200 dn 2.000 dn 1.400 Gasoline up 1.300 up 1.850 up 1.400 Utilization dn 0.4% dn 0.3% dn 0.1% 
Crude oil prices seem to have found some support above $74.00 yesterday. It is still too early to tell if this is any kind of major long-term support, or just a resting place for a day. | 
Heating oil prices also found at least preliminary support yesterday, in this case above 193.50. It still remains to be seen whether this is longer-term support, or just a temporary respite for the bulls. DOE History: Distillate stocks have fallen in each of the last eight years, by an average of 2.441 mln bbls. The eight-year average is a draw of 2.441 mln bbls. Gasoline stocks rose in five of the last eight years, for a five-year build of 3.160 mln bbls and an eight-year average build of 1.110 mln bbls. Crude oil stocks have been higher in five of the last eight years for a five-year average build of 3.304 mln bbls and it has an eight-year average build of 1.777 mln bbls. Utilization has been lower in six of the last eight years and has an eight-year average decrease of 0.98%, and it has an eight-year average utilization figure of 87.00%. The four-year, pre-hurricane utilization average was 88.6%. Since Katrina, refineries have run at an average utilization rate of 85.40%. Crude oil imports have been lower in four of the last six years, and the average crude oil import figure over the last six years has been down 250,000 bpd. The average crude oil import figure over the last six years has been 9.641 million bpd. Imports were 1.1 million bpd below that average in last week’s report. |
| Crude oil prices paused yesterday, but are under pressure today. | |
The US dollar strengthened again this morning, and traders were talking more about Chinese credit tightening as a source of global economic concern. For the last few sessions, there has been a thread of risk aversion and economic gloom running through global markets. It was held in check yesterday, but seems to be back again 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 was slightly lower yesterday, although it rallied mildly in trading after hours. The dollar now has an objective to the 72.80 euro area. Last week’s break took prices almost three-quarters of a euro over resistance, giving us our existing objective to 72.80 euros.
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 Char The DJIA rallied 23.88 points yesterday, following two declines of more than 210 points each on Thursday and Friday. Yesterday’s rally was hardly a major shift in the stock market, but it did arrest the decline.
Source: http://money.cnn.com/quote/chart/chart.html?symb=djia&sid=1643&time=6mo&Submit1=Refresh
A Look at Inventories
A Look at Imports
Crude oil imports remain at exceptionally low levels right now.
Recommendations for Specific Market Segments
Heating Oil Distributors Heating oil prices were higher yesterday, but it was the gasoline market that seems to have attracted the better buying. Traders are starting to worry about refinery utilization at such low levels, although these are primarily in response to poor final demand right now in the US. This morning, traders were selling a little before we went to press, based on another poor set of housing figures and a stronger US dollar. The problem, as we see it today, is trying to determine which factor or factors among so many are worth following. We have colder weather on the immediate horizon, followed by less certain forecasts, another set of supply & demand statistics out tomorrow, which should show continuing poor demand, a number of disappointing numbers on the economy recently, equities and the dollar. Putting them into a unified picture is difficult. We would hold caps, but would not add to them just yet. Diesel Users We would hold capped-price protection here. NYH Ultra Low Sulfur Diesel.…199.10-199.60 plus 2.750 USG Ultra Low Sulfur Diesel.…196.00-196.50 minus 1.250 Jet/Kerosene Users & Airlines New York Harbor cash market differentials were 5.50 to 6.50 cents over January heating oil in NY Harbor and even to 0.25 over the screen in the US Gulf. We still like locking in differentials. Diesel & Gasoline Marketers We would keep product hedged, because this market has been unexpectedly weak recently. Gasoline Blenders & End-Users Last week told us to expect lower prices. Unless we see a rally, we should expect to see further erosion. Prompt NYH Fuel Ethanol…..189.00-191.00 Prompt USG Fuel Ethanol….179.00-181.00 Quotes from 01-25-10 Heating Oil End-Users We would hold capped-price protection, but we are not keen to add to that protection until we have a better idea what the economy will do next. Speculators We would get back to flat right now. Refiners The 7:5+2 crack spread was $8.35 yesterday. Crude Oil Producers Crude oil prices stopped falling yesterday, but they may come under a new round of selling today. The economy is our biggest concern, here, and it seems to be weakening. | Prompt Jet Fuel Prices New York Harbor 202.10-203.10 US Gulf 197.50-197.75 Midwest (Group Three) 198.10-199.10 Midwest (Chicago) 191.50-192.50 Los Angeles 200.00-201.00 San Francisco 200.00-201.00 Portland, Oregon 200.00-201.00 Cents per gallon Propane Prices Mont Belvieu……….…..non-TET………$1.287500 Cents per gallon  Gasoline prices found support yesterday just above $2.00, but it is too early to tell if it will hold for very long. Traders are trying to make sense of a number of competing factors right now. None of these is really coming to the forefront and commanding the terrain being fought over, yet.
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