Since Monday, the national average for a gallon of regular gasoline has increased by a penny to $2.88. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by 100,000 bbl to 235 million bbl last week. The increase helped to minimize pump price increases as demand increased from 8.94 million b/d to 9.1 million b/d. Last week’s demand estimate is one of the highest since March 2020, when social distancing restrictions were established that dramatically reduced gas demand, and is in line with typical spring driving season rates seen pre-pandemic. Continued growth in total domestic supply will likely help to keep pump prices in check through the weekend.
At the close of Thursday’s formal trading session, WTI increased by eight cents to settle at $61.43. Crude prices increased despite growing market concern that surging coronavirus infection rates in Asia may derail expectations for crude demand recovery. Additionally, EIA’s weekly report revealed that total domestic crude inventory increased by 600,000 bbl to 493 million bbl last week, contributing to downward pressure on crude prices.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Ohio (+12 cents), Michigan (+7 cents), Nevada (+5 cents cents), Kansas (+5 cents), Washington (+5 cents), Colorado (+4 cents), Delaware (+4 cents), Montana (+4 cents), Wisconsin (+4 cents) and California (+3 cents).