Average Wholesale
Heating Oil Prices in Nebraska

Analysis | Heating Season | Off Season | Midwest Region
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Midseason Report

Analysis

The average wholesale heating oil price had rose 11 cents from last week to $2.40 per gallon on November 3, 2008 (see the table at the end of this report).  The graph below shows the spread in Nebraska prices from month to month and from this year compared to last year.  This week's average price was 38 cents (or 14 percent) lower than the price at this time last year.

The four other states surveyed in the Midwest Region had comparable prices ranging from $2.21 to $2.78 per gallon resulting in a regional average of $2.26.  States near in proximity to Nebraska, such as Missouri, North Dakota and Minnesota, had prices of $2.25, $2.78, and $2.29, respectively.

For the week ending October 31, the Midwest distillate inventory level was above the normal range for this time of year at 2.5 million barrels.

Notes:  The annual report for the 2007-2008 winter season is available.  An archive houses annual reports from previous years.

Heating Season

The Oil Price Information Service collects wholesale heating oil prices each week for Nebraska and four (4) other states in the Midwest Region during the heating season (October to March).  The Energy Information Administration, the independent statistical and analytical agency within the U.S. Department of Energy, uses the prices collected by the Oil Price Information Service to calculate a state average price, a regional average price, and a national average price which can be seen in the report Wholesale Heating Oil Prices by Region and State.

Off Season

Prices are not collected during the off season (April through September).

Midwest Region

For statistical purposes, the Energy Information Administration defines the Midwest Region to include the states of Iowa, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee, and Wisconsin.


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Nebraska's Average Wholesale Heating Oil Prices
2004/2005 - 2008/2009
  Heating Season
Oct Nov Dec Jan Feb Mar
2004/2005
First Monday $1.479 $1.480 $1.225 $1.215 $1.302 $1.556
Second Monday $1.499 $1.464 $1.183 $1.277 $1.358 $1.618
Third Monday $1.606 $1.402 $1.376 $1.344 $1.420  
Fourth Monday $1.617 $1.543 $1.272 $1.371 $1.537  
Fifth Monday   $1.478   $1.341    
  Heating Season
Oct Nov Dec Jan Feb Mar
2005/2006
First Monday $2.495 $1.944 $1.782 $1.730 $1.835 $1.954
Second Monday $2.379 $1.851 $1.796 $1.752 $1.809 $1.844
Third Monday $2.590 $1.752 $1.779 $1.686 $1.841  
Fourth Monday $2.532 $1.732 $1.713 $1.810 $1.857  
Fifth Monday $2.060     $1.844    
  Heating Season
Oct Nov Dec Jan Feb Mar
2006/2007
First Monday $1.849 $1.906 $2.032 $1.923 $1.900 $2.130
Second Monday $1.857 $2.025 $1.940 $1.859 $1.958 $2.184
Third Monday $1.936 $2.055 $2.090 $1.780 $1.933  
Fourth Monday $1.922 $1.975 $1.990 $1.788 $2.038  
Fifth Monday $1.895     $1.833    
  Heating Season
Oct Nov Dec Jan Feb Mar
2007/2008
First Monday   $2.774 $2.662 $2.737 $2.620 $3.108
Second Monday $2.494 $2.804 $2.585 $2.616 $2.813 $3.228
Third Monday $2.466 $2.794 $2.696 $2.610 $2.844 $3.328
Fourth Monday $2.506 $2.896 $2.704 $2.643 $3.004  
Fifth Monday $2.596   $2.712      
  Heating Season
Oct Nov Dec Jan Feb Mar
2008/2009
First Monday $3.269 $2.399 NA NA NA NA
Second Monday $2.784 NA NA NA NA NA
Third Monday $2.546 NA NA NA NA NA
Fourth Monday $2.289 NA NA NA NA  
Fifth Monday     NA      

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Sources:  Weekly Petroleum Status Report.  Energy Information Administration, Washington, DC.  Nebraska Energy Office, Lincoln, NE.

Note:  NA = Not Available

This report was updated on November 6, 2008.  Typically, there is one week between updates during the heating season.

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