Analysis by Dr. Nancy Yamaguchi
U.S. retail prices for gasoline rose significantly by 3.7 cents/gallon during the week ended July 10. Prices rose in all Petroleum Administration for Defense Districts (PADDs) except PADD 4, the Rocky Mountain market. Retail diesel prices also rose in all PADDs save PADD 4, but the increase was smaller at 0.9 cents/gallon.
According to data published by the Energy Information Administration (EIA), retail gasoline prices countrywide rose by an average of 3.7 cents/gallon during the week ended July 10. Prices rose to $2.297/gallon from $2.26/gallon during the previous week. At the high end, prices jumped by 8.6 cents/gallon in the Midwest PADD 2 market. Prices in the Rocky Mountains PADD 4 declined slightly, falling by 0.5 cents/gallon.
At the national level, retail diesel price rose by 0.9 cents/gallon, rising from $2.472/gallon during the week ended July 3 to $2.481/gallon during the week ended July 10. The largest price increase of 2.5 cents/gallon occurred in the West Coast PADD 5 market. Prices in the Rocky Mountains PADD 4 decreased slightly by 0.1 cents/gallon.
The increase in retail fuel prices followed a Fourth of July oil price rally. However, the rally was short-lived and prices are currently pointing back down. This suggests that retail prices may retreat also.
West Texas Intermediate (WTI) crude prices strengthened yesterday, regaining the range of $44.50 – $44.75 per barrel (/b) range for most of the day. WTI opened at $44.58/b today, up by 23 cents from yesterday’s opening price. However, prices have retreated in today’s early morning trading. WTI futures prices are $44.08/b currently, down by 50 cents from today’s opening price.
Diesel opened at $1.455/gallon this morning. This was an increase of 0.38 cents (0.26%) above yesterday’s opening price. Current prices are $1.4426/gallon, down by 1.24 cents from today’s opening price.
Gasoline opened at $1.504/gallon today, down by 0.24 cents, or 0.16%, from yesterday’s opening. Prices are $1.4869/gallon currently, down by 1.71 cents from today’s opening price.