Since Monday, the national average for a gallon of regular gasoline has increased by two cents to $3.29. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2 million bbl to 223.1 million bbl last week. Gasoline demand also fell from 9.43 million b/d to 9.19 million b/d. Typically, lower demand alongside a decline in stocks would result in downward market pressure on pump prices. But high crude prices (above $80 per barrel) remain the main culprit for rising pump prices. As crude prices remain elevated, pump prices will likely follow suit.
At the close of Thursday’s formal trading session, WTI increased by 87 cents to settle at $81.31. Crude prices maintained gains despite the EIA reporting that total domestic crude inventories increased by 6.1 million bbl to 427 million bbl last week. Last week’s storage level is nearly 13 percent lower than the level at this same time last year. Given supply concerns, the market continues to bolster prices higer because of tight supply.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Ohio (+14 cents), Alabama (+11 cents), Virginia (+11 cents), Delaware (+10 cents), Washington, D.C. (+10 cents), Maine (+9 cents), Maryland (+9 cents), Louisiana (+9 cents), New Hampshire (+9 cents) and South Carolina (+9 cents).