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Monday, October 5, 2015

Lockport-area gas prices are still trending downward, according to AAA East Central’s weekly Fuel Gauge report. The average price of self-serve regular unleaded gasoline, based on reports from 22 stations in the Lockport area, is 2.549, down from $2.601 last week and $3.611 this time last year. The national average is $2.290.

Pump prices remain relatively stable, with today’s national average price for regular unleaded gasoline holding at $2.29 per gallon for the 12th consecutive day. Significant yearly discounts remain with drivers saving $1.01 per gallon on average, largely attributed to cheaper crude oil and ample gasoline supplies.

The national average tends to move lower during the autumn and winter months due to seasonal declines in both driving and gasoline demand, and pump prices have fallen during the month of October for three years in a row. Despite refineries going offline to conduct scheduled maintenance, there should still be more than enough gasoline to meet demand because people tend to drive less this time of year. Barring any major disruptions in supply, the national average is expected to move lower by the end of the year, and for the first time since 2009, could fall below the $2 per gallon benchmark.

The balance between global supply and demand remains front of mind, and a number of factors are expected to influence global oil prices in the months ahead. Saudi Arabia, the world’s largest exporter of petroleum and the swing member of the Organization of Petroleum Exporting Countries, announced plans to further cut prices to Asia in an effort to protect its market share. Now that Hurricane Joaquin is no longer an imminent threat, market watchers are focusing their attention on domestic supply and demand in light of falling rig counts and the potential impacts of this year’s refinery maintenance season.

West Texas Intermediate opened the Monday trading session posting gains for a second consecutive session, after closing out the Friday’s formal trading session on the NYMEX up 80 cents and settling at $45.54 per barrel.

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