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Mar 21, 2018 | Fuel
Consumer gasoline demand is at the highest level on record for March. According to the Energy Information Administration’s (EIA) latest report, demand measured at 9.6 million b/d – levels typical of summer months, not the first quarter of a year. U.S. exports continue to trend high, accounting for a large chunk of this week’s demand data.
“As demand strengthened, gasoline inventories declined, pushing the national gas price average two cents more expensive on the week to $2.55,” said Jeanette Casselano, AAA spokesperson. “As a result, the majority of motorists are seeing more expensive gas prices at the start of this work week.”
Today’s national gas price average of $2.55 is two cents more than a month ago and more than a quarter (26 cents) higher than this time last year.
Locally, South Jersey motorists are paying an average of $2.48 per gallon of unleaded gas. This is 1-cent more than last week ($2.47), but is 10 cents less than this time last month ($2.58). However, today’s price is 27 cents more per gallon than last year on this date.
Quick Stats
Mid-Atlantic and Northeast
Gas prices are volatile in the Mid-Atlantic and Northeast region. On the week, prices pushed as much as a nickel more expensive in Maryland while decreasing by a penny in Pennsylvania, New Jersey, Connecticut, Vermont, New York and New Hampshire. Three states saw prices remain stable the past seven days: Maine, Massachusetts and Rhode Island.
Motorists in Washington, D.C. ($2.76), Pennsylvania ($2.75), New York ($2.69) and Connecticut ($2.68) are paying the most expensive gas prices in the region. These four states are also among the top 10 most expensive states in the country this week.
With a 2.4 million bbl decline, the Mid-Atlantic and Northeast region saw the largest draw in the country on the week, according to EIA data. Gasoline inventories now sit at their lowest level of the year at 59.4 million bbl.
Oil market dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.15 to settle at $62.34. Crude prices rallied last week after the International Energy Agency’s (IEA) latest monthly oil market report showed that global crude demand is expected to increase to 99.3 million b/d, an increase of 1.5 million b/d over 2017’s rate of 97.8 million b/d. The report also noted that global supply reached 97.9 million b/d last month, which was fueled by growth in domestic production in the U.S. The figure is 700,000 b/d higher than last year’s rate at this time. These findings gave the market some hope that although crude production is booming in the U.S., the newly produced oil will help meet global demand instead of helping global inventories grow.
The latest weekly U.S. crude production rate record – 10.4 million b/d – was set last week, according to EIA. That rate is likely to continue growing, supported by growth in the number of active oil rigs in the country. Last week, Baker Hughes reported an increase of four rigs. The total is now 800, which is 169 more than last year at this time.
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. Learn more at AAA.com/mobile.