EIA Gasoline and Diesel Retail Prices Update, Week Of June 19, 2018

Analysis by Dr. Nancy Yamaguchi

 

The U.S. Energy Information Administration (EIA) released its weekly data on diesel and gasoline retail prices for the week ended June 18, 2018. On a national average basis, gasoline prices dropped by 3.2 cents, and diesel prices fell by 2.2 cents. Prices for both fuels fell in all PADDs countrywide.

During the week ended June 15, WTI crude prices fell by $0.50 cents/barrel. The prior week brought a slight increase of $0.03/b. WTI prices closed the week at $65.06/b. As of the time of this writing, WTI forward prices have fallen slightly below $65/b.

US weekly crude production continued its upward trend, increasing by a hefty 100 kbpd during the week ended June 8th, to reach an average of 10,900 kbpd. For the year to date, US crude output has expanded by 1.408 million barrels per day. Early in the year, the EIA forecast that US production was expected to reach 11 million barrels per day in 2018, and this benchmark is fast approaching.

For the current week ended June 18, diesel prices decreased by 2.2 cents to arrive at an average price of $3.244/gallon. Prices declined in all PADDs. The national average price was 75.5 cents per gallon higher than it was one year ago.

In the East Coast PADD 1, diesel prices decreased by 2.4 cents to arrive at an average price of $3.240/gallon. Within PADD 1, New England prices edged down slightly by 0.2 cents to average $3.290/gallon. Central Atlantic diesel prices fell by 2.3 cents to average $3.397/gallon. Lower Atlantic prices dropped by 2.7 cents to settle at an average price of $3.121/gallon. PADD 1 prices were 70.1 cents/gallon above their prices for the same week last year.

In the Midwest PADD 2 market, retail diesel prices fell by 2.6 cents to average $3.173/gallon. Prices were 76.2 cents/gallon above their level for the same week last year.

In the Gulf Coast PADD 3, retail diesel prices fell by 2.1 cents to average $3.016/gallon. This price was 68.7 cents higher than for the same week in the previous year. Until the week ended May 14, PADD 3 had been the only market where diesel prices had remained below $3/gallon.

In the Rocky Mountains PADD 4 market, retail diesel prices decreased slightly by 0.5 cents to average $3.339/gallon. PADD 4 prices were 71.4 cents higher than in the prior year.

In the West Coast PADD 5 market, retail diesel prices decreased by 1.6 cents to average $3.753/gallon. This price was 97.1 cents above its level from last year. Prices excluding California fell by 1.6 cents to average $3.473/gallon. This price was 81.8 cents above the retail price for the same week last year. California diesel prices declined 1.4 cents to arrive at an average price of $3.976/gallon. Two weeks prior, California prices had topped the $4/gallon mark. California diesel prices were 109.2 cents above last year’s price. California is the only state where diesel prices are more than a dollar per gallon higher than they were last year. Until January, PADD 5 had been the only PADD to have diesel prices above $3 per gallon. As of the week ended May 14th, all PADD-level averages exceeded the $3/gallon mark.

 

U.S. retail gasoline prices fell by 3.2 cents to average $2.879/gallon during the week ended June 18. Prices fell in all PADDs. The national average price was 56.1 cents per gallon higher than it was one year ago.

For the current week ended June 18, East Coast PADD 1 retail prices for gasoline dropped by 4.1 cents to average $2.799/gallon. The average price was 53.2 cents higher than last year’s price. Within PADD 1, New England prices fell by 2.6 cents to average $2.900/gallon. Central Atlantic market prices shed 4.2 cents to average $2.938/gallon. Prices in the Lower Atlantic market dropped by 4.5 cents to average $2.684/gallon.

In the Midwest PADD 2 market, retail gasoline prices decreased 2.6 cents to arrive at an average price of $2.791/gallon. Gasoline pump prices were 61.0 cents higher than they were one year ago.

In the Gulf Coast PADD 3 market, gasoline prices dropped by 4.2 cents to average $2.654/gallon. PADD 3 continues to have the lowest average prices among the PADDs. Prices for the week were 56.3 cents higher than for the same week in 2017.

In the Rocky Mountains PADD 4 market, gasoline pump prices declined by 1.3 cents to average $2.977/gallon. PADD 4 prices were 56.3 cents higher than at the same time in 2017.

In the West Coast PADD 5 market, retail gasoline prices decreased by 1.8 cents to arrive at an average of $3.434/gallon. This was 57.4 cents higher than at the same time a year ago. PADD 5 continues to have the highest gasoline prices among the five PADDs. During the year to date, PADD 5 has been the only PADD where retail gasoline prices have exceeded $3/gallon. Excluding California, West Coast prices declined by 0.8 cents to average $3.238/gallon. This was 61.2 cents higher than at the same time in 2017. In California, pump prices dropped by 2.7 cents to average $3.591/gallon. California prices were 59.5 cents per gallon above their levels from last year.