Price Flyers Group, senior analyst Phil Flynn, on the factors contributing to rising gas prices.
According to GasBuddy’s head of petroleum analysis Patrick, the national average for gas prices in the coming weeks could rise as much as 10 to 20 cents per liter in the coming weeks. De Haan.
“How much we will eventually see will depend on how quickly or slowly the refined refineries can get online again,” De Haan told FOX Business. “In addition, continued improvement in the COVID-19 pandemic is also likely to continue to drive demand for recovery.”
OIL, GAS PRICES jump as deep freeze parasite text
According to DeHaan’s data, gas prices in the United States have risen for the sixth consecutive week, with the national average rising by 2.6 cents per liter over the past week to $ 2.50 per liter from Tuesday. The national average price of diesel rose by 7.2 cents last week to $ 2.68 per liter.
GasBuddy’s data is compiled from more than 11 million individual price reports covering more than 150,000 filling stations across the country.
Part of the reason for the rise in prices, according to De Haan, is’ improving demand in the United States’, noting that the increase ‘has nothing to do with who is sitting in the White House, but how many motorists their fill tanks. on a daily basis. “
“This situation will last as long as OPEC continues to limit its oil production, creating the situation where demand recovers faster than supply,” he added. “The situation will not get better – just wait until spring. The national average is likely to rise another ten to as much as 50 cents per liter if oil production does not respond to the continued recovery in demand.”
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Gasbuddy data indicates that the price of crude oil has risen by 15% over the past two weeks. A barrel of West Texas Intermediate crude rose to about $ 60.55 a barrel during Monday’s trading session, up from $ 57.44 last Monday and up 15% from $ 52.68 two weeks ago. Brent crude also rose to $ 63.11 a barrel early Monday, up from $ 59.93 a week ago.
Prices continued to rise on Tuesday, with West Texas Intermediate crude rising 58 cents, or 1%, to $ 60.05. Natural gas rose by 22 cents, or nearly 7.5% – mainly due to the icy temperatures that sent the country down from the Ohio Valley to the Gulf Coast.
A February 10 report by the Energy Information Administration found a 6.6 million barrel decline in crude oil inventory, while gasoline stocks jumped about 4.3 million barrels.
According to GasBuddy, the oil inventory is now only 2% higher than the five-year average for this time of year, while petrol inventory keeps the five-year average, but below the levels of a year ago. Distillate inventory fell by 1.7 million barrels, but remains 7% higher than the five-year average.
The company also noted that refineries increased production last week, with an increase of 0.7% to 83% of capacity. The implied demand for gasoline has also risen to nearly 90,000 barrels.
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GasBuddy’s latest figures for petrol demand show that national demand has risen by 1.90% for the week ending February 13. Demand for the East Coast rose by 3.41%, while demand in the Midwest rose plus 0.95%, the Gulf Coast rose by 0.85%, the Rocky Mountain region a whopping 3.52 % and the West Coast saw an increase of 1.70%.
GasBuddy data showed that the east coast was likely to see a recovery in demand for petrol due to ‘the decline last week because a major snow event hampered free travel in the region’.
According to the fuel app and the website’s data, most gas prices in the US rose by 10 cents per liter to $ 2.39 per liter. The average US price is $ 2.41 per liter, up 3 cents higher than last week and about 9 cents lower than the national average.
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The countries with the lowest average prices include Mississippi ($ 2.15), Louisiana ($ 2.17) and Texas ($ 2.19), while the most expensive states are California ($ 3.45), Hawaii ($ 3, 31) and Washington ($ 2.87) was.
Fox Business Jonathan Garber contributed to this report