Crude prices increasing on coronavirus vaccine market optimism
New Jersey, Pennsylvania and Delaware saw gas price averages jump by at least eight cents this week and up at least 11 cents since January 1. Pump prices have increased while gas demand remains low and total refinery utilization increased, according to the latest weekly report from the Energy Information Administration (EIA). Crude prices continue to increase this week due to market optimism that coronavirus vaccines will help crude demand recover this year. Additionally, EIA’s new weekly report helped bolster prices, detailing that total domestic crude inventories declined.
Today’s national gas price average is $2.37, up seven cents in the last week, up 20 cents in the last month, and down 20 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|01/15/21||Week Ago||Year Ago|
|Cape May County||$2.59||$2.51||$2.61|
|Middlesex, Somerset, Hunterdon Counties||$2.55||$2.46||$2.66|
|Monmouth, Ocean Counties||$2.56||$2.48||$2.64|
|Crude Oil||$52.36 per barrel (01/15/21)||$52.24 per barrel (01/08/21)||$58.84 per barrel (01/17/21)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $52.36 per barrel, 12 cents higher than last Friday’s close. Crude prices continued to increase this week due to market optimism that coronavirus vaccines will help crude demand recover this year. Additionally, EIA’s new weekly report helped bolster prices, detailing that total domestic crude inventories declined last week.
“If crude prices continue to sustain prices above $50 per barrel alongside higher refinery utilization rates and demand, drivers could see pump prices continue to climb through the weekend,” said Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic.