The U.S. Energy Information Administration (EIA) released its weekly data on diesel and gasoline retail prices for the week ended February 19, 2019. Data release was delayed by one day in observance of President’s Day. Prices for both fuels rose in all PADDs. On a national average basis, retail prices for gasoline rose by 4.1 cents/gallon, and diesel prices rose by 4.0 cents/gallon. In recent weeks, prices had been stabilizing, pulling out of the downward slide seen since October 2018. National average prices for gasoline and diesel remain below their levels from one year ago, though diesel prices are above $3/gallon again.
For most of January, crude oil, gasoline and diesel prices rose in futures markets. In February, the upward price movement transitioned to ups-and-downs, with prices moving mainly up. During the week ended February 15, 2019, West Texas Intermediate (WTI) crude futures prices rose by $3.12/b, after having fallen the prior week. Gasoline futures prices jumped by 15.21 cents/gallon, an increase of 10.7% during the week. Diesel futures prices rose strongly by 12.45 cents/gallon, or 6.6%. Although the relationship between futures market prices and retail prices is not immediate and one-for-one, the past week suggests that refined product prices will rise in the coming week.
For the current week ended February 19, retail diesel prices rose by 4.0 cents to reach an average price of $3.006/gallon. This brought the national average retail price back above the $3/gallon level. Between mid-October and late-January, retail diesel prices fell for fourteen consecutive weeks. During those fourteen weeks, the price decline amounted to 42.9 cents/gallon. For the current week ended February 19th, prices rose in all PADDs. The national average price was 2.1 cents/gallon below its average for the same week one year ago.
In the East Coast PADD 1, diesel prices rose by 4.2cents to arrive at an average price of $3.073/gallon. Within PADD 1, New England prices rose by 0.4 cents to average $3.165/gallon. Central Atlantic diesel prices increased by 3.1 cents to average $3.256/gallon. Lower Atlantic prices rose by 5.5 cents to arrive at an average price of $2.927/gallon. PADD 1 prices were 0.9 cents/gallon below their prices for the same week last year.
In the Midwest PADD 2 market, retail diesel prices rose by 5.5 cents to average $2.904/gallon. This was the largest price increase among the PADDs. The price increases are being attributed mainly to refinery and pipeline issues. Prices were 6.6 cents/gallon below their level for the same week last year.
In the Gulf Coast PADD 3, retail diesel prices rose by 3.3 cents to average $2.809/gallon. Eleven weeks ago, PADD 3 became the first PADD where retail diesel prices fell below the $3/gallon mark. Diesel prices in PADDs 2 and 4 subsequently fell below the $3/gallon level also. Prices were 0.9 cents lower than for the same week in the previous year.
In the Rocky Mountains PADD 4 market, retail diesel prices rose by 1.7 cents to average $2.887/gallon. Prices were 6.6 cents lower than in the prior year.
In the West Coast PADD 5 market, retail diesel prices rose by 2.3 cents to reach an average of $3.458/gallon. This price was 5.9 cents above its level from last year. Prices excluding California increased by 2.0 cents to reach an average of $3.104/gallon. This price was 3.2 cents above the retail price for the same week last year. California diesel prices rose by 2.5 cents to arrive at an average price of $3.739/gallon. California diesel prices were 8.1 cents higher than they were at the same week last year.
U.S. retail gasoline prices rose by 4.1 cents to average $2.317/gallon during the week ended February 19. Prices rose in all PADDs. The national average price was 24.0 cents per gallon lower than it was one year ago. Prices in all PADDs are below their levels of one year ago. Gasoline retail prices have been creeping back up, but overall, prices remain very low. Gasoline prices are 58.6 cents/gallon below the peak price hit in early October.
For the current week ended February11, East Coast PADD 1 retail prices for gasoline rose by 3.1 cents to average $2.267/gallon. The average price was 29.2 cents below last year’s price. Within PADD 1, New England prices increased by 1.4 cents to average $2.308/gallon. Central Atlantic market prices rose by 3.8 cents to average $2.408/gallon. Prices in the Lower Atlantic market rose by 3.1 cents to average $2.166/gallon.
In the Midwest PADD 2 market, retail gasoline prices rose by 5.7 cents to reach an average price of $2.207/gallon. PADD 2 prices for the current week were 18.3 cents/gallon lower than they were for the same week last year.
In the Gulf Coast PADD 3 market, gasoline prices jumped by 8.9 cents to average $2.048/gallon. This was the largest price increase among the PADDs, and it brought PADD 3 prices back above the $2/gallon level. PADD 3 continues to have the lowest average prices among the PADDs. Prices for the week were 22.8 cents lower than for the same week last year.
In the Rocky Mountains PADD 4 market, gasoline pump prices increased by 1.6 cents to arrive at an average of $2.182/gallon. This week’s prices were 30.4 cents lower than at the same time last year.
In the West Coast PADD 5 market, retail gasoline prices edged up slightly by 0.1 cents to arrive at an average of $2.922/gallon. Four weeks ago, PADD 5 joined the rest of the PADDs in having gasoline prices fall below the $3/gallon level. PADD 5 continues to have the highest gasoline prices among the five PADDs, and it was the last PADD where average retail gasoline prices remained above their levels of last year. Excluding California, West Coast prices fell by 0.6 cents to average $2.638/gallon. This was the only major submarket where prices fell. This price was 11.4 cents lower than at the same time last year. In California, pump prices rose by 0.6 cents to average $3.161/gallon. California prices are now 18.8 cents per gallon below their levels from the same week last year.
