Slowed global demand with supply glut to drain in 2019
Daily Market Update
Good news for those traveling next week. Oil prices have fallen considerably which is impacting gas prices. Currently, the national average gas price is $2.68 a gallon. While this is higher than the price drivers paid last Thanksgiving, the national average was $2.52 a gallon, it’s still lower than this year’s high of $2.97 a gallon last Memorial Day.
On September 17th I wrote about "Relief at the Pumps," talking about lower gas prices are on the way. Since then retail gas prices have moved higher. In Pittsburgh, PA 87 grade Unleaded gasoline prices are now averaging $3.15 per gallon with a high of $3.239.
Oil markets finished higher again yesterday continuing the current upward trend. At the close of the session, WTI crude closed up $0.31/bbl to close at $69.61. RBOB and HO also closed higher by $0.0392/gal and $0.0257/gal to finish at $2.1623/gal and $2.1769/gal respectively.