Since Monday, the national average for a gallon of regular gasoline has decreased by a penny to $2.17, which is one cent less than a week and month ago ago, and still significantly cheaper than last year (-47 cents). In the new weekly report from the Energy Information Administration (EIA), gas demand decreased from 8.90 million b/d to 8.58 million b/d. Low demand, even as total domestic stocks decreased by 1.6 million bbl to 225.1 million bbl last week, has helped pump prices decrease. Pump prices will likely continue to decline as demand drops due to fewer road trips taken in the fall.
At the close of Thursday’s formal trading session, WTI decreased by eight cents to settle at $40.96. Domestic crude prices fell as market concern increased regarding an increase in coronavirus infections worldwide, which could lower crude demand as nations impose new restrictions to limit the spread of the virus. The drop in prices occurred despite EIA’s new weekly report showing that total domestic crude inventories dropped by 3.8 million bbl to 489.1 million bbl last week. If demand concerns persist, crude prices could continue to decline — alongside pump prices.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Delaware (+9 cents), Indiana (-6 cents), Maryland (+5 cents), Ohio (-5 cents), Kentucky (-4 cents), Michigan (-4 cents), Washington, D.C. (-4 cents), Florida (-3 cents), Wisconsin (-3 cents) and Illinois (-3 cents).