The nation’s top 10 least expensive markets: Missouri ($1.76), Texas ($1.79), Mississippi ($1.81), Oklahoma ($1.82), Arkansas ($1.84), Louisiana ($1.85), Kansas ($1.87), Alabama ($1.87), South Carolina ($1.87) and Tennessee ($1.89).
Oil Market Dynamics
At the close of Friday’s formal trading session, WTI decreased by 18 cents to settle at $45.53. While domestic crude prices decreased that day, due to increasing coronavirus infection rates, crude prices grew overall last week amid increased optimism that a vaccine for the coronavirus will be available by the end of 2020. Prices were also bolstered by EIA’s weekly report revealing that total domestic crude inventories fell by 800,000 bbl to 488.7 million bbl last week.
Today and tomorrow, the Organization of the Petroleum Exporting Countries (OPEC) will meet with its partners, including Russia and Kazakhstan, to decide if they will continue status quo or increase current crude supply cuts. Either outcome could cause crude prices to continue to climb. Currently, OPEC and its allies in the production reduction agreement have agreed to cut crude output by 7.7 million b/d — approximately 8 percent of global demand — through the end of 2020.