Since Monday, the national average for a gallon of regular gasoline has stayed at $2.88. According to new data from the Energy Information Administration, total domestic gasoline stocks increased by 100,000 bbl to 235.1 million bbl last week. The increase helped to limit pump price increases as demand dropped from 9.1 million b/d to 8.88 million b/d. Continued growth in total domestic supply, amid a reduction in demand, will likely help to keep pump prices in check through the weekend.
At the close of Thursday’s formal trading session, WTI increased by $1.15 to settle at $65.01. Crude prices have increased this week due to a weak dollar and growing market optimism that crude demand will recover despite surging coronavirus infection rates in Asia that could derail expectations. Additionally, prices increased earlier this week after the Organization of the Petroleum Exporting Countries (OPEC) and its allies recommended to leave in place a recent agreement to gradually increase crude production by at least 2.1 million b/d starting in May. At the next OPEC+ ministerial meeting on June 1, the cartel will meet via videoconference to review output levels for July and August.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Delaware (+5 cents), Maryland (+4 cents), Utah (+4 cents cents), Washington (+4 cents), Nevada (+4 cents), Montana (+4 cents), California (+4 cents), Idaho (+3 cents), Illinois (+3 cents) and Michigan (-3 cents).