21 June 2021

MADISON, Wis., (June 21, 2021) – Increasing gasoline stock levels have helped to keep gas prices mostly stable across the country. On the week, 40 state gas price averages held steady or saw fluctuation of only one to two cents. This helped the national average decrease by a penny since last Monday, down to $3.07 today.

According to Energy Information Administration (EIA) data, total gasoline stocks sit at 242.9 million bbl, which is a 9 million bbl surplus compared to the same week in June 2019. Stock levels have increased in line with refinery utilization rates, which are up to its highest rate since January 2020. Demand is also trending higher. In EIA’s latest report, demand increased by nearly 1 million b/d to 9.3 million b/d.

“Despite the latest increase in demand, many motorists are not seeing significant pump price jumps due to increasing stock levels, which have significantly built over the last four weeks,” said Nick Jarmusz, director of public affairs for AAA – The Auto Club Group. “During this same period, the national gas price average has only increased four cents.”

Last week, crude oil jumped to $72/bbl, but decreased by $2/bbl at Friday’s close. If crude prices trend at this or a lower price point for a sustained period, that would help to minimize jumps at the pump through the end of this month.

Today’s national gas price average is more expensive on the month (+3 cents) and the year (+95 cents).

 

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$3.071

$3.070

$3.080

$3.042

$2.127

Wisconsin

$2.905

$2.907

$2.920

$2.871

$2.093

Appleton

$2.767

$2.773

$2.809

$2.752

$2.013

Eau Claire

$2.892

$2.900

$2.910

$2.905

$2.095

Green Bay

$2.879

$2.883

$2.890

$2.854

$2.076

Janesville-Beloit

$2.814

$2.818

$2.846

$2.818

$1.969

La Crosse

$2.874

$2.879

$2.877

$2.877

$2.087

Madison

$2.812

$2.813

$2.830

$2.827

$2.084

Milwaukee

$2.985

$2.988

$3.003

$2.895

$2.098

Wausau

$2.896

$2.901

$2.911

$2.907

$2.079

Click here to view current gasoline price averages

 

Oil Market Dynamics

At the close of Friday’s formal trading session, WTI increased 60 cents to settle at $71.64. Although a stronger dollar helped to limit price gains at the end of the week, crude prices fluctuated last week, between $70 and $72/bbl, due to optimism that vaccine rollout will continue to help crude demand recover. Additionally, EIA’s latest report, revealing that total domestic crude supplies decreased by 7.4 million bbl to 466.7 million bbl last week, helped to bolster crude prices. For this week, crude prices could continue to climb, especially if EIA’s next weekly report shows another decline in total domestic crude supply.

Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

 

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