U.S. Gasoline Prices Set October Record Even as National Average Slips
Gasoline Prices Set October Record Even as National Average Slips Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
gasoline prices have fallen for a second straight week, but drivers are still paying more at the pump than they ever have in October.
AAA put the national average at $4.36 per gallon Thursday, down about five cents from a week ago.
This is the first October in which the national average has remained above $4 per gallon.
The drop came despite a small increase in gasoline demand.
EIA data showed demand rising to 8.76 million barrels per day from 8.68 million bpd, while gasoline inventories edged up to 204.7 million barrels.
Refinery gasoline production slipped to 9.34 million bpd from 9.46 million bpd.
WTI settled Wednesday at $88.28 per barrel after spending several days back in the $80s.
Oil prices jumped again Thursday morning after reports of explosions in Riyadh, with WTI climbing nearly$5 per barreland Brent nearly $5.
That keeps gasoline vulnerable to another run higher even with inventories holding relatively steady.
AAA had also flagged Hurricane Isaias as a potential threat to Gulf Coast oil production and refining.
De Haan said Thursday that the storm is tracking farther away from Louisiana refineries, with lower rainfall expectations and weaker winds reducing the threat to fuel production.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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