Today’s national average of $4.67 is 32 cents less than a month ago and $1.53 more than a year ago.
The nation’s top 10 largest weekly decreases: Texas (−18 cents), Ohio (−17 cents), Illinois (−17 cents), California (−16 cents), Wisconsin (−15 cents), Indiana (−15 cents), Kentucky (−15 cents), Alabama (−15 cents), Virginia (−14 cents) and Florida (−14 cents).
The nation’s top 10 least expensive markets: South Carolina ($4.18), Georgia ($4.18), Mississippi ($4.18), Louisiana ($4.22), Texas ($4.22), Alabama ($4.25), Arkansas ($4.26), Tennessee ($4.28), North Carolina ($4.31) and Kentucky ($4.37).
Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by $2.06 to settle at $104.79. Although the price of crude rose at the end of the week due to increased market optimism as markets rebounded, the price was still down nearly $4 per barrel from the previous week. For this week, crude prices could continue to face strong headwinds if the market remains concerned that a potential recession will reduce demand for crude. If demand declines, crude prices will likely follow suit. Additionally, EIA reported that total domestic crude stocks increased by 8.2 million bbl to 423.8 million bbl, which is nearly 22 million bbl lower than the storage level one year ago.