Since Monday, the national average for a gallon of regular gasoline has decreased by a penny to $3.17. In its latest weekly report, the Energy Information Administration (EIA) reported that gas demand decreased from 9.43 million b/d to 9.33 million b/d last week. The decrease in demand, which helped total gasoline stocks increase by 700,000 bbl to 228.2 million bbl, contributed to the cheaper national average. If demand continues to soften and supply builds throughout this month, pump prices will likely continue to decline ahead of Labor Day weekend.
At the close of Thursday’s formal trading session, WTI decreased by $1.77 to settle at $63.69. Crude prices have dropped this week due to market concerns that crude demand will decline due to surging coronoavirus infection rates across the globe. Price decreases have occurred despite EIA’s latest report showing that total domestic crude stocks decreased by 3.3 million bbl to 435.5 million bbl last week.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Michigan (−4 cents), Delaware (−4 cents), Maryland (−4 cents), Alaska (+3 cents), Kentucky (−3 cents), Wyoming (+2 cents), Colorado (+2 cents), Illinois (−2 cents), Ohio (−2 cents) and Indiana (−2 cents).