The average price of gasoline across South Central Ohio is two cents higher this week at $2.532 per gallon, according to AAA East Central’s Gas Price Report.
There is some volatility at the pump across the Great Lakes and Central states, with some states seeing prices change by as much as nine cents. States with some of the largest changes in the country and region include: Michigan (-9 cents), Ohio (+8 cents), Illinois (-5 cents), Indiana (+5 cents), Kentucky (+4 cents) and Wisconsin (-3 cents).
Part of the fluctuation can be attributed to stock levels, which decreased for a third straight week. In the Energy Information Administration’s (EIA) latest report, total stocks measure at 47.9 million barrels. However, next week could bring a build in stocks as regional refinery utilization increased from 84% to 90%, the highest rate since the end of September. A build in stocks could help to stabilize or encourage cheaper pump prices in the weeks ahead.
This week’s average prices: South Central Ohio Average: $2.532
Average price during the week of October 28, 2019 $2.518
Average price during the week of November 5, 2018 $2.581
The average price of unleaded self-serve gasoline in various areas:
$2.511 East Liverpool
$2.655 Washington Court House
On the National Front
Gasoline demand numbers look more like summer than fall in the EIA’s latest reports. However, despite the high demand rate and a decrease in U.S stocks, the national average held steady on the week at $2.60. Gas prices continue to fluctuate across the country, with the greatest volatility in the West Coast & Rockies region – and a handful of states in the Great Lakes and Central region.
Today’s average is six cents cheaper than last month and 16-cents cheaper than this time last year.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by $2.02 to settle at $56.20. Although crude prices rose sharply on Friday, they mostly fell last week after the EIA’s latest report which showed an increase in total domestic crude inventories by 5.7 million barrels, bringing the new total to 438.9 million. The current level is 12.8 million barrels higher than last year’s level at this same time. Prices increased on Friday after the market expressed relief following U.S. Commerce Secretary Wilbur Ross’ announcement that the U.S. and China, the two largest oil-consuming countries in the world, are on track to complete phase one of their trade negotiations and a deal would likely be signed around mid-November. If trade tensions continue to subside, crude prices may continue to increase this week.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 78 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.