In its latest weekly petroleum report, the Energy Information Administration (EIA) revealed that total gasoline stocks fell by 4.2 million bbl. They now sit at 250.7 million bbl, which is 300,000 bbl less than last year’s level at this time. Meanwhile, EIA reported that demand for gasoline saw a slight uptick last week to 9.1 million b/d, growing by approximately 100,000 b/d from the previous week. As the nation begins to exit the winter driving season, motorists should expect pump prices to continue rising if demand increases and stocks of gasoline diminish. Since Monday, the national average for unleaded regular gasoline has increased two cents to $2.448.
Total Domestic Gas Stocks Continue to Tighten Amid Growing Demand