Since Monday, the national average for a gallon of regular gasoline has remained at $2.18, which is one cent less than a week ago, three cents less than a month ago, but still significantly cheaper than last year (-46 cents). In the new weekly report from the Energy Information Administration (EIA), gas demand grew from 8.53 million b/d to 8.90 million b/d. However, the current rate is approximately 600,000 b/d below last year’s rate in early October. Low demand, even as total domestic stocks decreased by 1.4 million bbl to 226.7 million bbl last week, has helped pump prices to mostly hold steady this week. Pump prices will likely decline as demand drops due to fewer road trips taken in the fall.
At the close of Thursday’s formal trading session, WTI increased by $1.24 to settle at $41.19. Domestic crude prices increased due to market concerns around Hurricane Delta’s impact on the Gulf Coast region. The following refineries are in the storm’s potential path: Valero’s 415,000 b/d Port Arthur refinery; ExxonMobil’s 539,000 b/d refinery in Baton Rouge; Phillips 66’s 269,140 b/d Alliance refinery in Belle Chasse, and CITGO’s 440,000 b/d Lake Charles refinery. No refinery closures have been reported, but that could change when the hurricane is expected to make landfall in Lousiana and Texas tomorrow afternoon. Any pump price impacts are expected to be contained to the region.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Washington, D.C. (+13 cents), Delaware (+8 cents), New Jersey (+6 cents), Maryland (+5 cents), Indiana (+5 cents), Ohio (-5 cents), Idaho (-3 cents), Minnesota (-2 cents), Kentucky (-2 cents) and Illinois (-2 cents).