Since Monday, the national average for a gallon of regular gasoline has decreased by one cent to $3.07. In its latest weekly report, new data from the Energy Information Administration (EIA) showed growth in gasoline demand and stocks. Demand increased from 8.48 million b/d to 9.36 million b/d, while total domestic gas stocks increased by 2 million bbl to 243 million bbl. The increase in total supply, even as gas demand increased, has helped to limit pump price fluctuations this week. However, rising crude oil prices could mean higher prices later this month.
At the close of Thursday’s formal trading session, WTI decreased by $1.11 to settle at $71.04. The U.S. Federal Reserve indicated this week that interest rates are expected to increase earlier than forecasted due to rising inflationary pressure, which has put downward pressure on crude prices and limited price increases. However, earlier in the week, crude prices ascended due to optimism that vaccine rollout will continue to help crude demand recover. Additionally, crude prices were bolstered by EIA’s latest report revealing that total domestic crude supplies decreased by 7.4 million bbl to 466.7 million bbl last week.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Colorado (+7 cents), Michigan (+6 cents), Montana (+5 cents), Wyoming (+5 cents), New York (+3 cents), Indiana (−3 cents), Maryland (−3 cents), South Carolina (−2 cents), Illinois (−2 cents) and New Hampshire (+1 cent).