Gasoline and diesel down.
Wayne Gerdes - CleanMPG
- Feb. 5, 2010
Gasoline averages $2.66 across the nation this week.
Ending a week of unsettling government economic reports, NYMEX Crude Oil futures for March delivery settled down $1.95 to $71.19 in late Friday afternoon trading.
According to the U.S. Bureau of Labor Statistics, the nation’s unemployment rate fell to 9.7% from 10.0% last month, its lowest level since August. At the same time however, a different survey in the Labor Department's report showed employers cut 20,000 jobs, 5,000 more than economists had predicted previously. The two numbers are calculated from different surveys with seasonal adjustments to unemployment rate data skewing the overall number. Without the adjustments, the raw data shows fewer people had jobs last month. Confused? I am
The US Dollar
Oil fell in concert with a stronger dollar caused by a deepening debt crisis in Europe. Investors are nervous about Greece and Spain’s mounting public deficits and the possibility of a sovereign debt default putting pressure on the Euro.
Supply influences -- Earlier in the week, crude was pushed higher by news of unrest in Nigeria's key oil-producing region. Prices began settling down beginning on Wednesday after the release of an EIA report showing a US jump in oil inventory.
For the week, Crude was down $1.70.
According to the EIA, the US average price for a gallon of regular unleaded gasoline settled at $2.66 per gallon, falling more than four cents for the week.
The lowest average price in the nation could be found in the Gulf Coast regions where a gallon of regular unleaded fell almost a nickel to $2.54 per gallon.
Our West Coast members saw a gallon fall approximately three cents to $2.91 per gallon while Californian’s as usual are paying the highest price in the nation at $2.98 per.
The NYMEX’s RBOB Gasoline futures contract for March delivery settled down $0.06 in Friday afternoon trading, closing at $1.8864. For the week ending Feb. 5, 2010, gasoline futures were down 3 cents.
Diesel prices nationwide fell a nickel to $2.78 per gallon.
Diesel prices fell in all regions of the country with Midwesterners experiencing the lowest average price in the nation, down nearly six cents to $2.73 per gallon.
West Coast residents saw a drop of four cents to $2.88 per gallon, while Californian’s are still paying the highest price in the nation at $2.95 per gallon.
Residential Heating Oil
Residential heating oil prices fell 3 cents to $2.87 for the week ending February 1, 2010.
Wholesale heating oil prices fell 2 cents per gallon to $2.01 per gallon.
The NYMEX’s Heating Oil futures contract for February delivery closed down a little over a penny in late Friday trading settling at $1.8748. For the week, Heating Oil was down almost 4 cents for the week.