Since Monday, the national average for a gallon of regular gasoline has held steady at $2.18, which is one cent less than a week ago, the same price as a month ago and 52 cents lower than a year ago. In the new weekly report from the Energy Information Administration (EIA), gas demand fell from 8.8 million b/d to 8.6 million b/d. Decreasing demand for gasoline has helped pump prices to stabilize, and if demand continues to drop, pump prices could push cheaper in the coming week.
At the close of Thursday’s formal trading session, WTI decreased by 24 cents to settle at $41.95. Domestic crude prices decreased due to a weak U.S. dollar and despite EIA’s weekly report revealing that total domestic inventories decreased by 7.4 million bbl last week, lowering total stocks to 518.6 million bbl. The decrease in total supply, amid falling gasoline demand, could mean that the domestic crude market is rebalancing. However, if crude prices climb, pump prices could follow suit, depending on how local gasoline supply and demand market conditions take shape.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Utah (+10 cents), Michigan (+6 cents), Kentucky (-5 cents), Idaho (+3 cents), Texas (-3 cents), North Carolina (-3 cents), Washington, D.C. (-3 cents), Tennessee (-3 cents), Oklahoma (-2 cents) and West Virginia (-2 cents).