Since Monday, the national average for a gallon of regular gasoline has increased by a penny to $2.19, which is the same price as a week ago, four 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 saw a slight uptick to 8.53 million b/d from 8.52 million b/d. The slight growth in demand, despite total domestic stocks growing by 700,000 bbl to 228.2 million bbl, has minimally edged the national average more expensive. However, as the nation settles into fall, demand will likely decline as drivers take fewer road trips.
At the close of Thursday’s formal trading session, WTI decreased by $1.50 to settle at $38.72. Crude prices fell due to market concern about increasing coronavirus infections worldwide, which could lower crude demand. The drop in prices occurred despite EIA’s weekly report revealing that total domestic crude inventories decreased by 2 million bbl last week to 492.4 million bbl. Crude prices may continue to decrease if demand challenges persist.
Largest Weekly Changes
- Since last Thursday, these 10 states have seen the largest changes in their averages: Florida (+7 cents), Michigan (-4 cents), Indiana (-3 cents), West Virginia (+2 cents), Minnesota (-2 cents), Idaho (-2 cents), Colorado (-2 cents), Alaska (-2 cents), Delaware (-2 cents) and Illinois (-1 cent).