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AURORA, Ill., (November 4, 2019) – Gasoline demand numbers look more like summer than fall in the Energy Information Administration's (EIA) latest reports. However, despite the high demand rate and a draw in U.S stocks, the national average held steady on the week at $2.60. Today's average is six cents cheaper than last month and 16-cents cheaper than last year at this time. Illinois has seen a 5 cent decrease with Indiana experiencing a 5 cent increase.

Part of the fluctuation in the Great Lakes and Central States can be attributed to stock levels, which decreased for a third straight week. In EIA's latest report, total stocks measure at 47.9 million bbl. However, next week could bring a build in stocks as regional refinery utilization increased from 84% to 90%, the highest rate since the end of September. A build in stocks could help to stabilize or encourage cheaper pump prices.



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Oil market dynamics

At the close of Friday's formal trading session on the NYMEX, WTI increased by $2.02 to settle at $56.20. Although crude prices rose sharply on Friday, they mostly fell last week after EIA's report showed that total domestic crude inventories increased by 5.7 million bbl last week, bringing the new total to 438.9 million bbl. The current level is 12.8 million bbl higher than last year's level at this same time. Prices increased on Friday after the market expressed relief following U.S. Commerce Secretary Wilbur Ross' announcement that the U.S. and China, the two largest oil-consuming countries in the world, are on track to complete phase one of their trade negotiations and a deal would likely be signed around mid-November. If trade tensions continue to subside, crude prices may continue to increase this week.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

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