New data from the Energy Information Administration (EIA) revealed that total domestic gas stocks grew by 1.8 million bbl last week. At 220.8 million bbl, total stocks are 4.5 million bbl lower than where they were last year at this time. Growth in stocks, amid lower gasoline demand, has helped to keep the national average steady this week. According to EIA, demand fell from 9.32 million b/d to 9.19 million b/d last week, which is in line with last year’s mid-November demand rate. Since Monday, the national average for a gallon of unleaded regular gasoline has held steady at $2.59.
Gas Stocks Grow and National Average Holds Steady