Prices for January 26th, 2010
| HEATING OIL cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 196.90 | 193.36 | 195.08 | dn 01.50 | | MAR | 197.54 | 194.24 | 196.16 | dn 01.34 | | APR | 198.01 | 194.89 | 196.79 | dn 01.23 | | MAY | 198.62 | 195.61 | 197.49 | dn 01.23 | | JUN | 199.57 | 197.01 | 198.43 | dn 01.29 | | JUL | 201.37 | 198.50 | 200.28 | dn 01.33 | | AUG | 203.08 | 200.50 | 202.23 | dn 01.37 | | SEP | 205.47 | 203.50 | 204.48 | dn 01.40 | | OCT | 207.80 | 206.36 | 207.08 | dn 01.42 | | NOV | 210.73 | 209.00 | 209.63 | dn 01.49 | | DEC | 213.28 | 211.36 | 212.18 | dn 01.58 | | JAN | 215.72 | 213.73 | 214.65 | dn 01.61 | | Estimated Volume (day before) total all prev day 89,123 | | NYMEX CRUDE OIL dollars per barrel | | MONTH | HIGH | LOW | SETTLE | CHANGE | | MAR | 75.39 | 73.82 | 74.71 | dn 00.55 | | APR | 75.73 | 74.27 | 75.15 | dn 00.54 | | MAY | 76.19 | 74.85 | 75.73 | dn 00.54 | | JUN | 76.82 | 75.42 | 76.29 | dn 00.55 | | JUL | 77.13 | 76.00 | 76.85 | dn 00.58 | | AUG | 77.41 | 77.04 | 77.38 | dn 00.60 | | | | | | | | | Estimated Volume… 480,922 Opec Basket…$71.97 dn $1.05
Prompt #2 Oil NYH 88..-1.00 to -0.50, 74 Lo S…+0.50 to +1.00
US Gulf 88 grade…-4.75 to -4.25, 74 grade Lo S…-2.00 to -1.50 Group .........-3.00 to -2.50 Lo S.....-3.00 to -2.50
Chicago ......-7.75 to -7.00 cash quotes by Dow Jones | | | |
| NYMEX RBOB GASOLINE cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 200.00 | 196.50 | 196.74 | dn 03.34 | | MAR | 200.85 | 197.30 | 197.67 | dn 03.09 | | APR | 209.15 | 206.55 | 207.24 | dn 02.36 | | MAY | 209.05 | 207.15 | 208.07 | dn 02.04 | | JUN | 209.60 | 207.50 | 208.22 | dn 01.86 | | JUL | 208.46 | 207.10 | 207.82 | dn 01.68 | | AUG | 207.66 | 206.46 | 207.15 | dn 01.54 | | SEP | 206.65 | 205.10 | 206.32 | dn 01.55 | | Estimated RB Volume day before 105,994 | | NYMEX NATURAL GAS dollars per mmBtu | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 5.721 | 5.434 | 5.485 | dn 0.237 | | MAR | 5.668 | 5.383 | 5.430 | dn 0.233 | | APR | 5.621 | 5.365 | 5.411 | dn 0.204 | | MAY | 5.643 | 5.424 | 5.459 | dn 0.192 | | | Estimated Volume…day before (193,979)
Nymex statistics are based on composite Access & Day Sessions
Prompt Gasoline NYH M5 -0.00 /+0.25 RBOB +7.00 /+7.50
US Gulf M4: -4.25 to -3.75 RBOB +0.50 to +1.25
L.A. Conv Reg 207.00-208.00, N-grade Group 191.00-191.50 Chi 192.65-193.65 | |
Market Review for Tuesday
IL prices were back down again yesterday, and gasoline prices (which had pulled quotes higher on Monday) were the weakest and ostensibly pulling prices lower yesterday. The markets were sluggish for most of yesterday’s session, and the salient or biggest feature on traders’ minds seems to have been the continuing likelihood of Chinese credit tightening. Traders were also looking at a higher US dollar, another unimpressive set of numbers in the housing sector, a reluctant stock market (DJIA) and the likelihood of crude oil stock builds in this week’s supply/demand reports.
When we came back from the holidays to the new year, everything seemed very much on track towards an economic recovery. Anyone judging the economy by oil prices that first week would have expected to see the global economy expand and improve steadily, at least through the first quarter. That optimism ended rather suddenly. At first, it looked like oil prices were responding to forecasts for moderating temperatures. As time has passed, the economic recovery has come into question.
| Fuel for Thought MasterCard’s SpendingPulse reported a decline of 0.4%, week-on-week, in gasoline demand. It dropped 38,000 bpd to 9.372 million bpd. Compared to a year ago, though, demand was up 87,000 bpd, or 0.9%, the report showed. Four-week demand was reported up 1.1%, which is an improvement over last week’s DOE four-week demand figure, which was down 0.23% against a year earlier. Despite very minor changes in consumption against year-ago levels, SpendingPulse reported the nationwide average at the pump at $2.72/gallon, which was 47.8% higher than the $1.84/gallon seen a year earlier. That level, in turn, was 39.5% lower than the figure seen a year before that, two years ago, now. |
The economic figures that are being released are not really earth-movers. Yesterday, the Conference Board reported an increase in the consumer confidence index in January to 55.9 from 53.6. Economists had reportedly been looking for a figure of 54.0. It was a positive figure, but it was not enough to get the markets excited.
Oil traders also have their own figures to contend with. Expectations are for crude oil stocks to increase in this week’s DOE report, out this morning, and extremely low refining rates are competing with historically low crude oil imports to determine whether crude oil stocks increase or decline. Both refinery utilization and crude oil imports are at figures only seen previously after hurricanes, going back over the last two decades or more. They reflect extremely weak demand for refined products right now.
Last night’s API report showed an unexpected drawdown in crude oil inventories of 2.225 million barrels. This was the result of another large decline in crude oil imports, which dropped 1.487 million bpd to 8.313 million bpd in this week’s API report. Utilization was up 0.3% in this report (see page 3).
Technicals
The oil complex was lower yesterday, but there seems to be support in crude at $73.80-$74.00, at 193.35-193.50 in heating oil and at 195.20-195.50 in gasoline. The question is whether prices can hold above these levels for more than just a few days. At this stage, the support is just short-term.
Cents per gallon
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 $73.80, $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 196.50, 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 gained five yards yesterday on second and 17 to go, making it third and 12 to go, today.
Technical Support & Resistance
Mar crude oil Support: $73.80-$74.10, $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: 193.35-193.55, 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: 196.50-196.65, 195.20-195.35, 194.55-194.70, 189.65-189.75, 185.00-185.15.
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.
This Week’s API Report: This week’s API report showed a draw of 2.225 mln bbls in crude oil stocks, a draw of 1.978 mln bbls in distillate stocks and a build of 0.916 mln bbls in gasoline inventories. Utilization was up 0.3% to 77.6%. Implied demand came in at 8.859 mln bpd in gasoline and at 4.468 mln bpd in distillate. Crude oil imports were down 1.487 mln bpd to 8.313 mln bpd. The drawdown in crude oil stocks was unexpected, but came on much lower imports and higher utilization.
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 grew by 7,125 contracts on Monday, when prices were higher. That looks like new buying, which would be supportive.
Heating oil open interest grew by 186 contracts on Monday, when prices were higher. That looks like new buying, which would be supportive.
RBOB open interest fell by 1,709 contracts on Monday when prices were higher. That looks like short-covering, which would be a bearish development.
Natural gas open interest grew by 59 on Monday, when prices were lower. That looks like very light, net, new selling. It is not enough to draw much of a conclusion – other than that buying and selling were well balanced.
Monday’s Open Interest Changes:
Crude 1,318,435 up 7,125 Heat 315,246 up 186 RBOB 270,327 dn 1,709 Nat gas 784,535 up 59
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 were down almost 24 cents per million Btu, in a clear show that temperatures are still the most important factors in this market. We honestly felt (and continue to believe) that last week’s EIA underground storage report had been a “game-changer,” and that prices were probably half a dollar to a dollar undervalued in light of the virtual disappearance of the hitherto ubiquitous surpluses. But, we were wrong, at least for now. It’s weather, weather, weather in this market right now.
And, yesterday’s steep decline reflected a significant shift in temperature forecasts. Obviously, they moderated enough for there to be as large a decline as we had in yesterday’s trading. As of this writing the new consensus is calling for normal and even warmer-than-normal readings across most of the lower 48 as we enter February, lasting through he first week. Some forecasters are going as far as February 9th with their calls for average or normal or warmer-than-usual readings, according to Dow Jones. At the same time, there are apparently large numbers of longs looking to get out of the February contract, which expires this afternoon.
Traders also seem to be girding for a return to larger surpluses in this week’s EIA underground storage figures. Last year, there was a draw of 186 bcf, and the five-year average drawdown was 184 bcf. Reuters is looking at a preliminary range of draws between 88 bcf and 135 bcf. Even if this week’s drawdown comes in near the upper end of that range, we could still see an increase of 50 bcf in the year-on-year surplus as well as in the surplus against the five-year average. It is not a return to the surpluses seen before, but it could end up stealing some of the thunder from last week’s very bullish report.
That probably explains why last week’s report was never fully savored. While one should expect that future draws will average out in relation to previous years over the remainder of the heating season, this week seems likely to give us a correction to last week’s erasure of the surpluses. And that is giving the near-term temperature forecasts more immediacy and weight. Last week’s comparison with earlier years may turn out to be a high point.
In cash trading yesterday, Henry Hub prices were at $5.47-$5.70, down 0.12-$0.23 on the day (DJN). SoCal prices were at $5.67-$5.73, down $0.10-$0.11 on the day. El Paso Permian prices were down $0.12-$0.13 to $5.43-$5.52. Katy prices were down $0.15-$0.28 to $5.44-$5.52. Waha prices were down $0.05-$0.12 at $5.44-$5.52. Transco 6 was down $0.19-$0.21 at $6.07-$6.15/mmBtu, according to Dow Jones News (DJN).
Palo Verde prices were last quoted at $44.00-$47.50/mwh. Northeastern prices last traded at $40.50-$57.00. Entergy was last at $46.75-$47.25. Ercot was last at $42.00-$42.50/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, 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: $5.42-$5.45, $5.35-$5.38, $5.31-$5.33, $5.19-$5.21, $5.12-$5.14, $4.96-$4.99.
Resistance: $5.71-$5.73, $5.87-$5.90, $5.99-$6.03, $6.09-$6.11, $6.15-$6.17, $6.34-$6.37.
Natural gas prices broke down below trendline support yesterday.
Dollars per million Btu
Prices closed beneath the trendline.
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 88 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 $0.01 at $74.70/barrel at 12.30 AM EST, this morning. February heating oil prices were up 0.04 cents to 1.9512/gallon. February RBOB prices were up 0.38 cents to $1.9712. February natural gas prices were down $0.010 to $5.475/mmBtu. Traders were trying to balance their books in front of today’s DOE report. Last night’s API report showed an unexpected draw in crude oil stocks, which was supportive in trading overnight. 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 0.900 up 1.580 up 1.400 mln bbls Distillate dn 1.600 dn 1.900 dn 1.700 Gasoline up 0.600 up 0.950 up 1.100 Utilization dn 0.0% dn 0.1% dn 0.1% 
Crude oil prices broke below $74.00 yesterday, but they turned back up and finished above that figure by the end of the day. As a result, $74 is looking like support in this market, now. | 
Heating oil prices finished lower yesterday, but they seem to have found support in the 193.35-193.50 area. It is difficult to say whether this support will hold for any period of time.. 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 seem to have found support just under $74.00/bbl. | |
This morning’s DOE report will set the tone for the next few days and possibly for a week or more.
Most observers are expecting a build in crude oil stocks, which is more normal for this time of year, but last night’s API report showed a surprising drawdown in crude 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 was higher yesterday, and it came within a small amount of breaking to new recent highs. We already have objectives to the 72.80 euro area, and a break to new highs would point the dollar towards the 73.00 euro cents level, which effectively confirms the earlier goal. At this stage, the dollar looks like it may have more room on the upside to go.
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 was nearly unchanged yesterday, finishing down 2.57 points on the day. Unless prices rally rather strongly, soon, this is going to look more like a flag than like something capable of stopping the movement lower.
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 were lower again yesterday, and traders seem to be looking more to this morning’s DOE statistics than towards any bitterly cold temperatures expected in the Northeast. Distillate demand has had a very difficult time finding any real extra consumption from colder temperatures recently. At the heart of the issue is the dismal industrial side of the equation. Diesel consumption, which makes up the baseload of demand, remains depressed. As a result, it is difficult for colder weather to lift the overall distillate figures to anything special this year. Today’s report will tell us more, but the trend recently has been for distillate demand to languish and for it to worsen, if it does anything at all. The estimates expect a draw in stocks, but that will not necessarily translate into extra demand. We would hold caps, but would not add to them just yet. Diesel Users We would hold capped-price protection here, without adding more. NYH Ultra Low Sulfur Diesel.…197.60-198.10 plus 2.750 USG Ultra Low Sulfur Diesel.…195.15-195.65 minus 0.750 Jet/Kerosene Users & Airlines New York Harbor cash market differentials were 5.50 to 6.00 cents over January heating oil in NY Harbor and 0.50 under to 0.50 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…..191.00-193.00 Prompt USG Fuel Ethanol….182.00-184.00 Quotes from 01-26-10 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 want to remain on the sidelines here. Refiners The 7:5+2 crack spread was $7.72 yesterday. Crude Oil Producers Crude oil prices were off a little more than half a dollar yesterday and there seems to be mild support at $73.80-$74.00. Today’s DOE report will help determine where prices go next. | Prompt Jet Fuel Prices New York Harbor 200.60-201.10 US Gulf 195.65-196.65 Midwest (Group Three) 196.60-197.60 Midwest (Chicago) 191.15-192.15 Los Angeles 198.00-199.00 San Francisco 198.00-199.00 Portland, Oregon 198.00-199.00 Cents per gallon Propane Prices Mont Belvieu……….…..non-TET………$1.284720 Cents per gallon  Gasoline prices sold off yesterday, a day after leading oil prices higher. There is still support, near-term, at 195.20-195.55. We cannot yet characterize that support as being strong, and it will take another couple of days to find out if it even turns out to be significant support. Today’s DOE report will help establish more of a tone in this market.
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