Weak demand is keeping gas prices under $2.50 as the year-end driving season pushes ahead. For the second consecutive week, gasoline demand held just below 9 million b/d, according to the latest Energy Information Administration’s report. Gasoline stocks rose by 6.8 million bbl across the nation, fueled by refineries reaching 93.8% of production capacity. Moreover, the high capacity rate contributed to US crude oil inventories falling by 5.61 million bbl last week, leaving commercial inventories at 448.1 million bbl. Today’s gas price is $2.48, which is unchanged since Monday.
Gasoline Demand Down on the Week