Since Monday, the national average for a gallon of regular gasoline has increased by a penny to $3.32. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks rose by 5.9 million bbl to 246.6 million bbl last week. On the other hand, gasoline demand rose slightly from 7.91 million b/d to 8.22 million b/d. The small increase still puts gas demand in a typical range for the winter driving season, which was 8.11 million b/d in mid-January 2021. Typically, pump prices decline due to low gas demand and a rise in total stocks, but continued growth in the price of crude oil has helped to elevate pump prices. As crude prices continue to climb, pump prices will likely follow suit.

At the close of Thursday’s formal trading session, WTI decreased by six cents to settle at $86.90. Although crude prices took a slight step back today due to EIA reporting that total domestic crude stocks increased by 500,000 bbl last week to 413.8 million bbl, domestic crude prices have mostly increased this week as market confidence about economic growth prospects for the year grows. Additionally, the current crude stock level is approximately 15 percent lower than in mid-January 2021, contributing to pressure on domestic crude prices.

Largest Weekly Increases

• Since last Thursday, these 10 states have seen the largest increases in their averages: Iowa (+7 cents), Minnesota (+6 cents), North Dakota (+5 cents), Oklahoma (+5 cents), Washington, D.C. (+5 cents), North Carolina (+4 cents), Texas (+4 cents), Missouri (+4 cents), Kansas (+4 cents) and Wisconsin (+4 cents).