Gasoline Prices Near Lowest Of Year

On November 26, 2018, in gasoline futures trading news, by Infinity Trading
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gasoline futures brokers

November 26, 2018

Gasoline prices are quickly approaching the lowest prices of the year, and motorists should see additional discounts this week. Just as retailers cut prices on Black Friday, the price of crude also dropped by more than 10 percent – amid concerns that strong global oil production will overpower demand.

Gasoline prices in Georgia are closing in on the lowest of 2018. Sunday’s daily average of $2.39 per gallon is 4 cents higher than this year’s lowest price, established on January 1. The Georgia state average has declined a total of 41 cents in the past 44 days. During the past week alone, it dropped 9 cents

Average prices are at or near the lowest of the year in metro areas like Albany, Atlanta, Columbus, Dalton, Gainesville, Rome, and Valdosta. Click here and scroll down to check daily metro average gas prices.

Click here to view AAA’s state and metro gas price averages

Most expensive gas price averages: Hinesville-Fort Stewart ($2.58), Brunswick ($2.51), and Savannah ($2.47)
Least expensive gas price averages: Rome ($2.26), Dalton ($2.26), and Albany ($2.30)

Sunday’s national average price of $2.56 per gallon is 7 cents less than last week, nearly 30 cents less than last month, and the lowest daily average since March. The U.S. average price was 7 cents more than this year’s low, of $2.49 set in January. However, the national average should drop below that point within the next week.

“Last week’s crude price plunge adds even more weight to what was already strong downward pressure on prices at the pump,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Motorists should see another 5-15 cent drop at the pump as a result. These falling prices are mostly due to record crude production rates from the U.S., Russia and Saudi Arabia. Unless the oil market quickly recovers, these low gas prices should hang around through the end of the year.”

Fuel Fundamentals

Crude oil prices plunged another $6 per barrel last week – the equivalent of about 15 cents at the pump
Friday’s daily settlement of $50.42/b is the lowest since October 2017
Domestic crude production holds steady at 11.7 million barrels per day (record high)
The U.S., Russia, and Saudi Arabia are all producing crude at record levels
Crude oil supplies increased again, by 1.1 percent (9th consecutive weekly gain)
Gasoline dropped another 19 cents on the futures market
Wholesale gasoline dropped another 5 cents last week
Gasoline demand is also relatively steady
Gasoline production was slightly lower than the week before
Gasoline supply remains strong for the fall, 10 percent better than this time last year

- Kevin Dowdy News