Nebraska's Average Wholesale Price of Heating Oil

Average Wholesale
Heating Oil Prices in Nebraska

Analysis

The average wholesale heating oil price had jumped 23 cents from last week to $1.79 per gallon on January 5, 2009 (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 last year. This week's average price was 94 cents (or 34 percent) lower than the price at this time last year.

The four other states surveyed in the Midwest Region had lower prices ranging from $1.54 to $1.63 per gallon resulting in a regional average of $1.58. Normally, the other surveyed states have comparable prices to Nebraska, but North Dakota has not submitted any reports since the first week of December. Ohio has been submitting reports, but Ohio's weekly average falls far short when using it as a replacement for North Dakota's average. North Dakota's average had been running 60 to 90 cents higher than the regional average whereas Ohio's average is relatively no different than the regional average. States near in proximity to Nebraska, such as Missouri and Minnesota, had prices of $1.63 and $1.57, respectively.

For the week ending January 2, the Midwest distillate inventory level was in the lower half of the normal range for this time of year at 2.8 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	$1.982	$1.794	NA	NA
Second Monday	$2.784	$2.356	$1.714	NA	NA	NA
Third Monday	$2.546	$2.169	$1.762	NA	NA	NA
Fourth Monday	$2.289	$2.004	$1.718	NA	NA
Fifth Monday			$1.568

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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 This report was updated on January 8, 2009. Typically, there is one week between updates during the heating season.

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