Despite the weekly increase, gas prices remain cheap both compared to last month (-5 cents) and last year (-48 cents).
The nation’s top 10 largest weekly changes: Ohio (-9 cents), South Carolina (+8 cents), Michigan (+6 cents), New Mexico (+6 cents), Delaware (+6 cents), Minnesota (+6 cents), Indiana (-6 cents), Kentucky (+5 cents), Georgia (+5 cents) and Washington, D.C. (+4 cents).
The nation’s top 10 least expensive markets: Missouri ($1.76), Mississippi ($1.80), Oklahoma ($1.80), Texas ($1.80), Arkansas ($1.82), Louisiana ($1.84), Alabama ($1.86), Tennessee ($1.86), Kansas ($1.87) and South Carolina ($1.89).
Oil Market Dynamics
At the close of Friday’s formal trading session, WTI decreased by 99 cents to settle at $40.13. Domestic crude prices decreased at the end of the day due to rising coronavirus infections worldwide, which could lead to a decrease in crude demand as countries and states implement new measures to reduce transmission of the virus. For this week, crude prices may continue to decline if demand concerns continue to worry the market.
Additionally, the Organization of the Petroleum Exporting Countries (OPEC) last week released its revised outlook for world oil demand through the end of the year, estimating demand will reduce by approximately 300,000 b/d to 96.3 million b/d. The revision raised market expectations that the cartel and its allies, including Russia, will either agree to continue or increase current supply cuts when they meet on November 30 and December 1. Currently, OPEC and its partners in the production reduction agreement have agreed to cut crude output by 7.7 million b/d through the end of 2020.