In the latest weekly report from the Energy Information Administration, total gasoline stocks around the country grew by 7.5 million bbl to 255.6 million bbl – a total inventory level not seen since March 2018. Low seasonal demand for gasoline, which hit 8.6 million b/d last week, has helped to push stock levels higher. This latest demand rate, which is nearly 200,000 b/d lower from the previous week, is the lowest reading since February 2017. If demand remains seasonally low amid continued growth in gasoline stocks across the country, American motorists may see pump prices remain low for the remainder of winter. However, increasing crude prices could push pump prices higher.
Winter Gas Demand Reaches New Low, Fuel Inventories Continue to Swell