Gas prices nationally hold steady

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CINCINNATI — Motorists in Great Lakes and Central States region are seeing gas price fluctuation on the week. With a six-cent decrease, Indiana ($2.16), Michigan ($2.19) and Ohio ($2.12) top the list for this week’s largest changes in the country.

Also landing on the list of biggest changes: Kentucky (-4 cents), South Dakota (+3 cents) and Wisconsin (-3 cents). With a one cent increase, Nebraska ($2.11) was the only other state to see a jump on the week.

Stocks built for the first time since mid-June, which is likely a contributing factor towards the cheaper gas prices for the majority of the region. With a 700,000 bbl add, total levels sit at 51.2 million bbl, which is about average for this time of year.

The national gas price average held steady on the week at $2.19 as 1/3 of states saw gas prices decrease and only 10 states saw gas prices increase by two to four cents. State averages saw minimal fluctuation as demand roughly held steady over the last four weeks.

“During the last month, demand has averaged about 8.6 million b/d while, gasoline stocks have steadily declined,” said Jenifer Moore, AAA spokesperson. “Week by week, we are seeing mostly regional fluctuation at the pump based on gasoline supply and demand.”

At 8.6 million b/d, the Energy Information Administration (EIA) measures demand at a 1% decrease week-over-week, 9% increase month-over-month and a 6% decrease year-over-year. Meanwhile, gasoline stocks measure at a 1% weekly decline, a 3% decrease month-over-month, but a 7% increase compared to last year.

Market dynamics

At the end of Friday’s formal trading session, WTI decreased by 16 cents to settle at $40.59 per barrel. Domestic crude prices fell after EIA’s weekly report revealed that total domestic crude inventories decreased by 7.5 million bbl to 531.7 million bbl.

Decreasing crude stocks could mean that crude production is beginning to meet demand, which could stabilize crude prices this week, as coronavirus outbreaks continue to grow worldwide.

More info

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance.

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