No big surprises in the latest numbers from the Energy Information Administration (EIA). Continuing on a winter hot streak, the average US retail price for a gallon of propane went up just over five cents last week. The gains shadow the rise in wholesale prices, which also went up a nickel.
Residential prices are now skimming the high marks of last heating season — and those came in February, when propane stocks were dwindling and the country was slammed by a blizzard trifecta. Current retail prices are about 28 cents ahead of where they were just before Christmas last year. Which means residential propane prices might reach some new altitudes in 2011.
Elsewhere, supplies are on the lower side of their average range. Propane stocks dipped 3.5 million barrels last week, but are still about a week ahead of the supply levels at this time last year.