Since Monday, the national average for a gallon of regular gasoline has decreased by a penny to $2.20, which is three cents less than a week ago, three cents more than a month ago, but still significantly cheaper than last year (-36 cents). In the new weekly report from the Energy Information Administration (EIA), gas demand decreased again from 8.79 million b/d to 8.39 million b/d. Lower demand has helped pump prices to decline this week, while total domestic gasoline stocks fell by 3 million bbl to 231.9 million bbl. Low demand will likely help pump prices to continue their descent as summer fades to fall.
At the close of Thursday’s formal trading session, WTI decreased by 75 cents to settle at $37.30. Domestic crude prices decreased after EIA’s weekly report revealed that total domestic crude inventories increased by 2 million bbl last week, increasing total stocks to 500.4 million bbl. Increasing stocks could signal that crude demand is starting to decline, while production increased by 300,000 b/d last week to 10 million b/d. Crude prices may continue to drop if production does not rebalance to meet lower demand ahead of fall, which typically sees fewer drivers hitting the roads for trips due to colder weather.
Largest Weekly Decreases
- Since last Thursday, these 10 states have seen the largest decreases in their averages: Ohio (-11 cents), Indiana (-9 cents), Kentucky (-6 cents), Michigan (-6 cents), North Carolina (-4 cents), Washington, D.C. (-4 cents), South Carolina (-4 cents), Wisconsin (-4 cents), Illinois (-4 cents) and West Virginia (-3 cents).