Since Monday, the national average for a gallon of regular gasoline has held steady at $3.04. In its latest weekly report, the Energy Information Administration released new gas demand data that shows demand dropped from 9.48 million b/d to 9.15 million b/d, while total domestic gas stocks increased by 1.5 million bbl last week. The demand decrease and supply increase has helped to stabilize pump prices and will likely help prices remain stable through the weekend and into summer.
At the close of Thursday’s formal trading session, WTI decreased by two cents to settle at $68.81. Although a stronger dollar factored into today’s slight price decrease, crude prices have generally increased this week after the Organization of the Petroleum Exporting Countries (OPEC), and its allies including Russia, announced they still plan to gradually increase crude production in July. The move could help reduce pump prices later this summer, but the amount of the price reduction will depend on how well OPEC and its allies adhere to their agreement and if the additional production is not met with higher demand. OPEC and its allies will meet again on July 1 to review their production agreement.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Kentucky (+4 cents), California (+3 cents), Nevada (+3 cents), South Carolina (−3 cents), Utah (+2 cents), Colorado (+2 cents), Oregon (+2 cents), Illinois (+2 cents), Maine (+2 cents) and Texas (−2 cents).