U.S. average regular gasoline and diesel prices increase
The U.S. average regular gasoline retail price increased more than 4 cents to $3.53 per gallon on February 21, 90 cents higher than a year ago. The Gulf Coast price increased more than 5 cents to $3.24 per gallon, the East Coast price increased 5 cents to $3.50 per gallon, the West Coast price increased more than 4 cents to $4.23 per gallon, the Midwest price increased more than 3 cents to $3.35 per gallon, and the Rocky Mountain price increased nearly 2 cents to $3.34 per gallon.
The U.S. average diesel fuel price increased nearly 4 cents to $4.06 per gallon on February 21, $1.08 higher than a year ago. The East Coast and Gulf Coast prices each increased nearly 5 cents to $4.11 per gallon and $3.83 per gallon, respectively, the West Coast price increased nearly 3 cents to $4.68 per gallon, the Midwest price increased more than 2 cents per gallon to $3.91 per gallon, and the Rocky Mountain price increased 2 cents per gallon to $3.93 per gallon.
Residential heating oil prices decrease, propane prices increase
As of February 21, 2022, residential heating oil prices averaged more than $3.94 per gallon, more than 1 cent per gallon below last week’s price but almost $1.14 per gallon higher than last year’s price at this time. Wholesale heating oil prices averaged nearly $2.97 per gallon, almost 18 cents per gallon below last week’s price but nearly $1.01 per gallon above last year’s price.
Residential propane prices averaged almost $2.85 per gallon, more than 1 cent per gallon above last week’s price and more than 35 cents per gallon above last year’s price. Wholesale propane prices averaged nearly $1.55 per gallon, almost 7 cents per gallon above last week’s price, and more than 7 cents per gallon above last year’s price.
Propane/propylene inventories decline
U.S. propane/propylene stocks decreased by 3.9 million barrels last week to 38.0 million barrels as of February 18, 2022, 10.9 million barrels (22.3%) less than the five-year (2017-2021) average inventory levels for this same time of year. Gulf Coast, East Coast, Rocky Mountain/West Coast, and Midwest inventories decreased by 2.2 million barrels, 0.9 million barrels, 0.4 million barrels, and 0.3 million barrels, respectively.