Since Monday, the national average for a gallon of regular gasoline has dropped by a penny to $2.87. Growing stock levels have helped to put downward pressure on pump prices, increasing slightly from 232.1 million bbl to 232.3 million bbl last week, according to the latest weekly report from the Energy Information Administration (EIA). The national average decreased despite rising gas demand, which increased from 8.44 million b/d to 8.62 million b/d last week. If total domestic stocks of gas continue increase, and demand does not spike, drivers can expect prices to remain stable and decrease through the weekend.
At the close of Thursday’s formal trading session, WTI decreased by $2.62 to settle at $58.56. Crude prices have decreased due to continuing market concern that crude demand will drop as Europe increases restrictions to curb growing coronavirus infection rates. The decrease in crude prices has also been supported by EIA reporting that total domestic crude inventories increased by 1.9 million bbl to 502.7 million bbl.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Utah (+8 cents), Michigan (-7 cents), Ohio (-7 cents), Idaho (+6 cents), Hawaii (+5 cents), Nevada (+5 cents), Kentucky (-5 cents), Indiana (-5 cents), Illinois (-5 cents) and Wyoming (+4 cents).