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Showing posts with label AAA. Show all posts
Showing posts with label AAA. Show all posts
Tuesday, May 10, 2016
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport area gas prices are up a nickel to $2.341 a gallon, according to AAA East Central’s weekly Fuel Gauge report. The average price of self-serve regular unleaded gasoline last week, based on reports from 22 stations in the Lockport area, is $2.293. This time last year, gasoline was $2.734 in Lockport. The national average is $2.209.
The national average price of gas declined slightly on the week, and it is possible that prices have begun to stabilize as refineries increase production to meet record-high demand. Despite this recent trend higher, retail averages are down by one cent per gallon on the week, and drivers continue to benefit from year-over-year discounts, saving 45 cents per gallon on the year. Historically gasoline demand increases leading into the summer driving season, and this year so far is no different. However, lower gas prices are contributing to drivers taking to the roads at record levels and the 2016 summer driving season is expected to rival 2007 when gasoline demand hit an all-time high.
Gasoline demand reached its fourth-highest weekly estimate for 2016 and remains well above year-over-year levels. Although the market is well supplied with product, the notable growth in gasoline demand could cause pump prices to become volatile leading into the summer driving season. Refineries nationwide are ramping up production, which should help increase supplies in regional markets. This is good news for the average driver, because if supply can keep pace with demand, averages should remain relatively low and drivers should continue to benefit from comparative savings at the pump.
The possibility of disrupted supply from the Canadian Oil Sands influenced the global price of crude oil over the past week; however, expectations of reduced supply were largely overshadowed by news of increased production out of Iran and other OPEC and non-OPEC nations. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate was up 34 cents and settled at $44.66 per barrel.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
news@eastniagarapost.com
The national average price of gas declined slightly on the week, and it is possible that prices have begun to stabilize as refineries increase production to meet record-high demand. Despite this recent trend higher, retail averages are down by one cent per gallon on the week, and drivers continue to benefit from year-over-year discounts, saving 45 cents per gallon on the year. Historically gasoline demand increases leading into the summer driving season, and this year so far is no different. However, lower gas prices are contributing to drivers taking to the roads at record levels and the 2016 summer driving season is expected to rival 2007 when gasoline demand hit an all-time high.
Gasoline demand reached its fourth-highest weekly estimate for 2016 and remains well above year-over-year levels. Although the market is well supplied with product, the notable growth in gasoline demand could cause pump prices to become volatile leading into the summer driving season. Refineries nationwide are ramping up production, which should help increase supplies in regional markets. This is good news for the average driver, because if supply can keep pace with demand, averages should remain relatively low and drivers should continue to benefit from comparative savings at the pump.
The possibility of disrupted supply from the Canadian Oil Sands influenced the global price of crude oil over the past week; however, expectations of reduced supply were largely overshadowed by news of increased production out of Iran and other OPEC and non-OPEC nations. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate was up 34 cents and settled at $44.66 per barrel.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
Monday, May 2, 2016
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport area gas prices increased 8 cents to $2.293 a gallon, according to AAA East Central’s weekly Fuel Gauge report. The average price of self-serve regular unleaded gasoline last week, based on reports from 22 stations in the Lockport area, is $2.217. This time last year, gasoline was $2.634 in Lockport. The national average is $2.217.
On the national front, gas prices are at their highest levels in more than six months, and the national average has remained above $2 per gallon for 40 consecutive days. Today’s average price of $2.22 represents an increase of eight cents per gallon on the week, and prices are up 16 cents per gallon on the month. Ample gasoline supplies and relatively lower crude oil costs are helping to sustain year-over-year savings, with today’s price discounted by 39 cents per gallon versus a year ago.
Gasoline demand continues to break seasonal records as low prices motivate people to drive more. Additionally, crude oil costs are also increasing and recently reached new 2016 highs. Increased demand and more expensive oil costs have helped to push gas prices higher in many parts of the country over the past few weeks, and prices may move even higher leading into the busy summer driving season.
The average price at the pump for the month of April was $2.10 per gallon, which is the lowest average for this month since 2009. Only 20 percent of U.S. stations are still selling gas for less than $2 per gallon and pump prices are moving due to growth in fuel demand. Gas prices have increased by 52 cents per gallon after hitting a 2016 low in mid-February.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
news@eastniagarapost.com
Lockport area gas prices increased 8 cents to $2.293 a gallon, according to AAA East Central’s weekly Fuel Gauge report. The average price of self-serve regular unleaded gasoline last week, based on reports from 22 stations in the Lockport area, is $2.217. This time last year, gasoline was $2.634 in Lockport. The national average is $2.217.
Gasoline demand continues to break seasonal records as low prices motivate people to drive more. Additionally, crude oil costs are also increasing and recently reached new 2016 highs. Increased demand and more expensive oil costs have helped to push gas prices higher in many parts of the country over the past few weeks, and prices may move even higher leading into the busy summer driving season.
The average price at the pump for the month of April was $2.10 per gallon, which is the lowest average for this month since 2009. Only 20 percent of U.S. stations are still selling gas for less than $2 per gallon and pump prices are moving due to growth in fuel demand. Gas prices have increased by 52 cents per gallon after hitting a 2016 low in mid-February.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
Tuesday, April 26, 2016
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport-area gas prices are up two cents to $2.217 a gallon, according to AAA East Central’s weekly Fuel Gauge report. The average price of self-serve regular unleaded gasoline last week, based on reports from 22 stations in the Lockport area, is $2.202. This time last year, gasoline was $2.634 in Lockport. The national average is $2.136.
On the national front, relatively cheap gas prices are boosting driving demand, and 2016 remains poised to be a record year for both gasoline consumption and annual miles traveled. Although pump prices moved higher by two cents per gallon, today’s average price of $2.14 per gallon is the lowest for this calendar date since 2009.
As we enter the summer driving season all eyes will focus on whether refiners can keep pace with the expected increase in demand. Gasoline demand continues to surpass 2015 year-to-date levels, and as more drivers take to the roads, refiners will work to increase gasoline production to levels that meet this higher demand. This likely means another higher-than-normal year of refinery runs, which can put additional strain on refinery equipment and overall operations. In preparation for the busy summer driving season, a number of refineries are reportedly ramping up production and keeping a close eye on their utilization rates. Barring any unforeseen challenges in supply and refinery production, drivers are expected to pay some of the lowest prices for the summer months in more than a decade.
The global oil market is at a crossroads and it is a mystery as to where oil prices might head going forward. Market fundamentals continue to point to extreme oversupply, though expectations of global demand growth or production cuts by major oil producers could influence crude oil prices higher.
According to the U.S. EIA, domestic production declined for yet another week, and the U.S. oil rig count also fell for the fifth consecutive week. However, it is important to note that output is falling at a slow pace and is likely to bounce back to previous levels should prices rebound. As a result of this dynamic, the global oil market is expected to remain well supplied, keeping the price at the pump relatively low compared to previous years. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate settled at a 2016 high and was up 55 cents at $43.73 per barrel.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
news@eastniagarapost.com
On the national front, relatively cheap gas prices are boosting driving demand, and 2016 remains poised to be a record year for both gasoline consumption and annual miles traveled. Although pump prices moved higher by two cents per gallon, today’s average price of $2.14 per gallon is the lowest for this calendar date since 2009.
As we enter the summer driving season all eyes will focus on whether refiners can keep pace with the expected increase in demand. Gasoline demand continues to surpass 2015 year-to-date levels, and as more drivers take to the roads, refiners will work to increase gasoline production to levels that meet this higher demand. This likely means another higher-than-normal year of refinery runs, which can put additional strain on refinery equipment and overall operations. In preparation for the busy summer driving season, a number of refineries are reportedly ramping up production and keeping a close eye on their utilization rates. Barring any unforeseen challenges in supply and refinery production, drivers are expected to pay some of the lowest prices for the summer months in more than a decade.
The global oil market is at a crossroads and it is a mystery as to where oil prices might head going forward. Market fundamentals continue to point to extreme oversupply, though expectations of global demand growth or production cuts by major oil producers could influence crude oil prices higher.
According to the U.S. EIA, domestic production declined for yet another week, and the U.S. oil rig count also fell for the fifth consecutive week. However, it is important to note that output is falling at a slow pace and is likely to bounce back to previous levels should prices rebound. As a result of this dynamic, the global oil market is expected to remain well supplied, keeping the price at the pump relatively low compared to previous years. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate settled at a 2016 high and was up 55 cents at $43.73 per barrel.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
Wednesday, April 20, 2016
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport area gas prices have jumped twelve cents to $2.202 a gallon, according to AAA East Central’s weekly Fuel Gauge report. The average price of self-serve regular unleaded gasoline last week, based on reports from 22 stations in the Lockport area, is $2.079. This time last year, gasoline was $2.551 in Lockport. The national average is $2.114.
Record-high fuel demand, declining refinery production and rising oil costs have pushed the national average price of gas to $2.11 per gallon. Despite the recent increases, pump prices are down 33 cents per gallon compared to this same date last year.
Prices may move higher during the second quarter of the year in select regional markets due to intermittent supply challenges and increased demand for gasoline. The relatively lower price for gasoline is also reportedly prompting more drivers to take to the roads, and the U.S. EIA’s weekly estimates on gasoline consumption are approaching levels typical for the summer months. This increase in driving may put pressure on local gasoline markets and cause prices to move higher if demand outpaces the available supply of gasoline. However, consumers remain poised to benefit from substantial comparative savings as we enter the busy summer driving season, and it is likely that most drivers will pay the cheapest summertime prices in 12 years.
As largely expected, major oil exporters failed to reach an agreement during the much-anticipated meeting between OPEC and non-OPEC countries over the weekend. U.S. domestic production fell to a level unseen since September 2014, and the U.S. oil rig count is at its lowest level since November 2009. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate was down $1.14 and settled at $40.36 per barrel. Oil prices have dropped even further today due to the news out of Doha, and this could provide some relief for gas prices.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
news@eastniagarapost.com
Record-high fuel demand, declining refinery production and rising oil costs have pushed the national average price of gas to $2.11 per gallon. Despite the recent increases, pump prices are down 33 cents per gallon compared to this same date last year.
Prices may move higher during the second quarter of the year in select regional markets due to intermittent supply challenges and increased demand for gasoline. The relatively lower price for gasoline is also reportedly prompting more drivers to take to the roads, and the U.S. EIA’s weekly estimates on gasoline consumption are approaching levels typical for the summer months. This increase in driving may put pressure on local gasoline markets and cause prices to move higher if demand outpaces the available supply of gasoline. However, consumers remain poised to benefit from substantial comparative savings as we enter the busy summer driving season, and it is likely that most drivers will pay the cheapest summertime prices in 12 years.
As largely expected, major oil exporters failed to reach an agreement during the much-anticipated meeting between OPEC and non-OPEC countries over the weekend. U.S. domestic production fell to a level unseen since September 2014, and the U.S. oil rig count is at its lowest level since November 2009. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate was down $1.14 and settled at $40.36 per barrel. Oil prices have dropped even further today due to the news out of Doha, and this could provide some relief for gas prices.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
Monday, April 11, 2016
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport-area gas prices are up seven cents to $2.079 a gallon, according to AAA East Central’s weekly Fuel Gauge report.
The average price of self-serve regular unleaded gasoline last week, based on reports from 22 stations in the Lockport area, is $1.996. This time last year, gasoline was $2.502 in Lockport. The national average is $2.044.
The national average price of gas declined on the week for the first time in nearly two months, though the drop was only about one cent. Today’s average of $2.04 per gallon is the lowest for this day since 2009. The national average has spent 19 consecutive days above $2 per gallon, and pump prices are likely to fluctuate as the supply of summer-blend gasoline continues to make its way to terminals nationwide. Refineries are also increasing their utilization rates. Just in time for the beginning of the summer driving season, additional supply is also expected to enter the market following the restart of ExxonMobil’s Torrance, California refinery and the gasoline market is poised to be well supplied as we enter the busy summer driving season. Barring any major disruptions or shortages in supply, the above factors may keep pump prices relatively steady in the coming weeks.
Unclear expectations about future supply and demand continue to influence global oil prices. OPEC is meeting to discuss production issues on April 17, though most market watchers question if the countries will agree on a freeze or whether it will even be effective. A potential freeze in production could cause prices to increase temporarily, though it is difficult to see how it will reduce the market’s extreme oversupply. Additionally, domestic crude oil inventories experienced their largest weekly decrease since January, attributed to increases in the refinery utilization rate and the shutdown of the Keystone pipeline due to a leak, which reduced crude oil supply. Both factors are believed to have caused West Texas Intermediate to rally to close out the week. At the close of Friday’s formal trading session on the NYMEX, WTI was up $2.46 and settled at $39.72 per barrel. This represents one of the strongest settlements for 2016 and is the highest weekly gain since early March.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
news@eastniagarapost.com
The average price of self-serve regular unleaded gasoline last week, based on reports from 22 stations in the Lockport area, is $1.996. This time last year, gasoline was $2.502 in Lockport. The national average is $2.044.
The national average price of gas declined on the week for the first time in nearly two months, though the drop was only about one cent. Today’s average of $2.04 per gallon is the lowest for this day since 2009. The national average has spent 19 consecutive days above $2 per gallon, and pump prices are likely to fluctuate as the supply of summer-blend gasoline continues to make its way to terminals nationwide. Refineries are also increasing their utilization rates. Just in time for the beginning of the summer driving season, additional supply is also expected to enter the market following the restart of ExxonMobil’s Torrance, California refinery and the gasoline market is poised to be well supplied as we enter the busy summer driving season. Barring any major disruptions or shortages in supply, the above factors may keep pump prices relatively steady in the coming weeks.
Unclear expectations about future supply and demand continue to influence global oil prices. OPEC is meeting to discuss production issues on April 17, though most market watchers question if the countries will agree on a freeze or whether it will even be effective. A potential freeze in production could cause prices to increase temporarily, though it is difficult to see how it will reduce the market’s extreme oversupply. Additionally, domestic crude oil inventories experienced their largest weekly decrease since January, attributed to increases in the refinery utilization rate and the shutdown of the Keystone pipeline due to a leak, which reduced crude oil supply. Both factors are believed to have caused West Texas Intermediate to rally to close out the week. At the close of Friday’s formal trading session on the NYMEX, WTI was up $2.46 and settled at $39.72 per barrel. This represents one of the strongest settlements for 2016 and is the highest weekly gain since early March.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
Monday, March 28, 2016
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport-area gas prices are up seven cents to $1.996 a gallon, according to AAA East Central’s weekly Fuel Gauge report. The average price of self-serve regular unleaded gasoline last week, based on reports from 22 stations in the Lockport area, is $1.901. This time last year, gasoline was $2.483 in Lockport. The national average is $2.039.
The national average price of gas climbed above $2 per gallon last Thursday for the first time in 2016, and average prices have increased for 21 consecutive days. Despite the recent increase, average gas prices remain 39 cents per gallon less than a year ago.
Many refineries are conducting seasonal maintenance, which has led to a decline in fuel production. In addition, refineries are preparing to produce summer-blend gasoline. This blend of gasoline is mandated by the EPA and is less prone to evaporate and contribute to air pollution in warmer temperatures. Retailers in many parts of the country are required to sell this summer-blend of gasoline by June 1, and leading up to this deadline, refineries and storage facilities also adjust their supply in order to comply with the regulation. During the months of March and April, refineries will begin the transition to producing and storing this blend of gasoline, and often “sell-off” or “draw-down” on their existing supply of gasoline in order to make room for this seasonal blend of gas. The combination of the above factors generally contributes to rising prices at the pump, leading into the busy summer driving season.
Varying expectations of future supply and demand have contributed to the global oil market’s overall volatility. As a result, the global price of crude oil continues to seesaw on news related to potential market influencers, and many traders are focused on the upcoming meeting between the Organization of the Petroleum Exporting Countries and non-OPEC producers scheduled for April 17. West Texas Intermediate crude oil opened the week trading a bit higher, following a week of fluctuating prices due to news of increasing crude oil inventories balanced against reports of falling rig counts in the United States. The NYMEX was closed on Friday in observance of Good Friday, and WTI closed out Thursday’s formal trading sesson on the NYMEX down 33 cents and settled at $39.46 per barrel.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
news@eastniagarapost.com
The national average price of gas climbed above $2 per gallon last Thursday for the first time in 2016, and average prices have increased for 21 consecutive days. Despite the recent increase, average gas prices remain 39 cents per gallon less than a year ago.
Many refineries are conducting seasonal maintenance, which has led to a decline in fuel production. In addition, refineries are preparing to produce summer-blend gasoline. This blend of gasoline is mandated by the EPA and is less prone to evaporate and contribute to air pollution in warmer temperatures. Retailers in many parts of the country are required to sell this summer-blend of gasoline by June 1, and leading up to this deadline, refineries and storage facilities also adjust their supply in order to comply with the regulation. During the months of March and April, refineries will begin the transition to producing and storing this blend of gasoline, and often “sell-off” or “draw-down” on their existing supply of gasoline in order to make room for this seasonal blend of gas. The combination of the above factors generally contributes to rising prices at the pump, leading into the busy summer driving season.
Varying expectations of future supply and demand have contributed to the global oil market’s overall volatility. As a result, the global price of crude oil continues to seesaw on news related to potential market influencers, and many traders are focused on the upcoming meeting between the Organization of the Petroleum Exporting Countries and non-OPEC producers scheduled for April 17. West Texas Intermediate crude oil opened the week trading a bit higher, following a week of fluctuating prices due to news of increasing crude oil inventories balanced against reports of falling rig counts in the United States. The NYMEX was closed on Friday in observance of Good Friday, and WTI closed out Thursday’s formal trading sesson on the NYMEX down 33 cents and settled at $39.46 per barrel.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
Monday, March 21, 2016
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport-area gas prices have gone up 2 cents to $1.924 a gallon, according to AAA East Central’s weekly Fuel Gauge report. The average price of self-serve regular unleaded gasoline last week, based on reports from 22 stations in the Lockport area, is $1.901. This time last year, gasoline was $2.494 in Lockport. The national average is $1.983.
Pump prices have climbed higher for two straight weeks, and the national average price of gas may soon climb above $2 per gallon for the first time this year. Gas prices have increased largely due to seasonal increases in fuel demand and reduced production as some refineries conduct maintenance. Today’s average price of $1.98 per gallon is at the highest daily mark since January. Despite retail averages rising, consumers continue to benefit from yearly savings and prices remain 44 cents per gallon cheaper than a year ago.
Gas prices tend to reach the highest levels of the year in the spring before the summer driving season. As the weather turns warmer and days grow longer, people tend to drive more, which results in increased demand. Many families also take spring break road trips this time of year, which means they may use more gasoline than normal. This increase in demand comes at the same time that many refineries conduct maintenance to prepare equipment for the busy summer driving season, which leads to a temporary decline in fuel production. In addition, refineries also begin to transition to summer-blend gasoline, which is more expensive to produce, but mandated due to the fact that it is causes less air pollution at warmer temperatures. These factors typically lead to higher gas prices this time of year and have helped push prices higher in recent weeks.
For the first time in 13 weeks, the U.S. oil rig count increased, which raises the possibility of continued strong production in the United States despite relatively low crude oil prices. Both Brent and West Texas Intermediate crude oil closed last week with gains, but each benchmark moved lower on Friday as oversupply concerns again come into focus. Global oil prices are expected to continue to move in response to ongoing discussions by some of the world’s top producers to potentially freeze production, which could be finalized at a meeting scheduled for April 17. At the close of Friday’s formal trading session on the NYMEX, WTI was down 76 cents to settle at $39.44 per barrel.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
news@eastniagarapost.com
Pump prices have climbed higher for two straight weeks, and the national average price of gas may soon climb above $2 per gallon for the first time this year. Gas prices have increased largely due to seasonal increases in fuel demand and reduced production as some refineries conduct maintenance. Today’s average price of $1.98 per gallon is at the highest daily mark since January. Despite retail averages rising, consumers continue to benefit from yearly savings and prices remain 44 cents per gallon cheaper than a year ago.
Gas prices tend to reach the highest levels of the year in the spring before the summer driving season. As the weather turns warmer and days grow longer, people tend to drive more, which results in increased demand. Many families also take spring break road trips this time of year, which means they may use more gasoline than normal. This increase in demand comes at the same time that many refineries conduct maintenance to prepare equipment for the busy summer driving season, which leads to a temporary decline in fuel production. In addition, refineries also begin to transition to summer-blend gasoline, which is more expensive to produce, but mandated due to the fact that it is causes less air pollution at warmer temperatures. These factors typically lead to higher gas prices this time of year and have helped push prices higher in recent weeks.
For the first time in 13 weeks, the U.S. oil rig count increased, which raises the possibility of continued strong production in the United States despite relatively low crude oil prices. Both Brent and West Texas Intermediate crude oil closed last week with gains, but each benchmark moved lower on Friday as oversupply concerns again come into focus. Global oil prices are expected to continue to move in response to ongoing discussions by some of the world’s top producers to potentially freeze production, which could be finalized at a meeting scheduled for April 17. At the close of Friday’s formal trading session on the NYMEX, WTI was down 76 cents to settle at $39.44 per barrel.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
Thursday, March 17, 2016
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport area gas prices are stable, hovering around $1.901 a gallon, according to AAA East Central’s weekly Fuel Gauge report.
The average price of self-serve regular unleaded gasoline two weeks ago, based on reports from 22 stations in the Lockport area, is $1.990. This time last year, gasoline was $2.500 in Lockport. The national average is $1.945.
Nationally prices have jumped by 12 cents per gallon this week, which is the largest weekly increase since early March 2015. Prices increased by double digits due to a decline in gasoline supplies, relatively strong demand and continued refinery maintenance. Today’s price of $1.94 per gallon is the highest average in two months. Relatively low oil costs continue to provide drivers with year-over-year savings at the pump, and consumers are saving 50 cents per gallon compared to this same date last year.
Prices typically move higher at this time of year as gasoline demand begins to increase and refineries conduct seasonal maintenance. This year’s refinery maintenance season is characterized by lower-than-expected prices for crude oil and ample supplies, which should help keep pump prices relatively low compared to recent years. Prices in some regions may move significantly higher in the near term due to fluctuations in local supply and demand associated with continued maintenance and preparations for summer-blend gasoline in advance of the June 1 deadline for retail facilities to sell the cleaner blend.
Projected reductions in global oil supply and Iran’s slower-than-expected return to the global oil market reportedly contributed to both Brent and West Texas Intermediate closing out the week at 2016 highs. However, oil prices opened this week’s trading session lower on the news that Iran plans to increase oil production significantly. Conversations about when and if the market has reached its bottom persist, and market fundamentals continue to point to supply outpacing demand, which could cause prices to once again turn lower.
The latest data shows that the U.S. oil rig count fell to 386 rigs last week, marking 12 straight weeks of rig-count declines. According to the U.S. EIA, domestic production declined from year-ago levels for the first time in more than four years, largely due to lower-than-expected crude oil prices. Despite this reduction in production, the agency lowered its projections for crude oil prices because domestic production remains more resilient than expected. At the close of Friday’s formal trading session on the NYMEX, WTI was up 66 cents and settled at $38.40 per barrel, which marked the fourth straight week of oil price increases.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
news@eastniagarapost.com
The average price of self-serve regular unleaded gasoline two weeks ago, based on reports from 22 stations in the Lockport area, is $1.990. This time last year, gasoline was $2.500 in Lockport. The national average is $1.945.
Nationally prices have jumped by 12 cents per gallon this week, which is the largest weekly increase since early March 2015. Prices increased by double digits due to a decline in gasoline supplies, relatively strong demand and continued refinery maintenance. Today’s price of $1.94 per gallon is the highest average in two months. Relatively low oil costs continue to provide drivers with year-over-year savings at the pump, and consumers are saving 50 cents per gallon compared to this same date last year.
Prices typically move higher at this time of year as gasoline demand begins to increase and refineries conduct seasonal maintenance. This year’s refinery maintenance season is characterized by lower-than-expected prices for crude oil and ample supplies, which should help keep pump prices relatively low compared to recent years. Prices in some regions may move significantly higher in the near term due to fluctuations in local supply and demand associated with continued maintenance and preparations for summer-blend gasoline in advance of the June 1 deadline for retail facilities to sell the cleaner blend.
Projected reductions in global oil supply and Iran’s slower-than-expected return to the global oil market reportedly contributed to both Brent and West Texas Intermediate closing out the week at 2016 highs. However, oil prices opened this week’s trading session lower on the news that Iran plans to increase oil production significantly. Conversations about when and if the market has reached its bottom persist, and market fundamentals continue to point to supply outpacing demand, which could cause prices to once again turn lower.
The latest data shows that the U.S. oil rig count fell to 386 rigs last week, marking 12 straight weeks of rig-count declines. According to the U.S. EIA, domestic production declined from year-ago levels for the first time in more than four years, largely due to lower-than-expected crude oil prices. Despite this reduction in production, the agency lowered its projections for crude oil prices because domestic production remains more resilient than expected. At the close of Friday’s formal trading session on the NYMEX, WTI was up 66 cents and settled at $38.40 per barrel, which marked the fourth straight week of oil price increases.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
Monday, February 22, 2016
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport-area gas prices are down a nickel, hovering around $1.903/gallon according to AAA East Central’s weekly Fuel Gauge report. The average price of self-serve regular unleaded gasoline two weeks ago, based on reports from 22 stations in the Lockport area, is $1.953. This time last year, gasoline was $2.469 in Lockport. The national average is $1.711.
The national average for regular unleaded gasoline continues to hover at levels not seen since the Great Recession, largely due to abundant supplies and low crude oil costs. Today’s average price of $1.71 per gallon is the lowest price for this date since 2004.
Gas prices are likely move higher as we head into the spring refinery maintenance season; however prices should remain lower than recent years. Refineries conducting maintenance will produce less fuel, though ample gasoline supply and lower-than-expected prices for crude oil should limit any seasonal price spikes.
The global price for crude oil continues to move based on speculation regarding the market’s future balance between supply and demand. A possible freeze in production, spearheaded by OPEC member Saudi Arabia, grabbed the attention of market watchers for much of last week, but failed to produce any real gains in price, as the likelihood of a deal remains questionable. It also is unlikely that a production freeze near current levels would have any effect on reducing abundant global supplies. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate crude oil was down $1.13 to settle at $29.64 per barrel.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
news@eastniagarapost.com
The national average for regular unleaded gasoline continues to hover at levels not seen since the Great Recession, largely due to abundant supplies and low crude oil costs. Today’s average price of $1.71 per gallon is the lowest price for this date since 2004.
Gas prices are likely move higher as we head into the spring refinery maintenance season; however prices should remain lower than recent years. Refineries conducting maintenance will produce less fuel, though ample gasoline supply and lower-than-expected prices for crude oil should limit any seasonal price spikes.
The global price for crude oil continues to move based on speculation regarding the market’s future balance between supply and demand. A possible freeze in production, spearheaded by OPEC member Saudi Arabia, grabbed the attention of market watchers for much of last week, but failed to produce any real gains in price, as the likelihood of a deal remains questionable. It also is unlikely that a production freeze near current levels would have any effect on reducing abundant global supplies. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate crude oil was down $1.13 to settle at $29.64 per barrel.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
Monday, February 1, 2016
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport-area gas prices are down four cents, hovering around $1.956 per gallon according to AAA East Central’s weekly Fuel Gauge report.
The average price of self-serve regular unleaded gasoline last week, based on reports from 22 stations in the Lockport area, is $1.956. This time last year, gasoline was $2.483 in Lockport. The national average is $1.795.
Drivers are saving more than $1 per gallon from the 2015 peak price reached this past June, and the national average has spent 32 consecutive days below the $2 per gallon benchmark. Today’s average price of $1.80 per gallon is the lowest price for gasoline since January 2009. The combination of seasonal reductions in gasoline demand and the relatively lower price for crude oil are likely to help keep prices low in the near term.
The imbalance between supply and demand and the resolution of distribution and refinery issues, is contributing to falling prices at the pump. The national average had been under some upward pressure due to regional price spikes. If the price of crude remains depressed, the national average remains poised to continue lower approaching the spring maintenance season.
Market fundamentals continue to point to supply outpacing demand; however, crude oil prices have been subject to some speculation about when and if prices have reached their bottom. Both Brent and West Texas Intermediate rallied to close out last week, movement that was largely attributed to reports that Russia and Organization of the Petroleum Exporting Countries member Saudi Arabia may meet discuss potential production cuts. U.S. production also remains a key variable in the global equation, and despite the lower price environment domestic crude oil inventories continue to test record levels. At the close of Friday’s formal trading session on the NYMEX, WTI was up 40 cents and settled at $33.62 per barrel.
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The average price of self-serve regular unleaded gasoline last week, based on reports from 22 stations in the Lockport area, is $1.956. This time last year, gasoline was $2.483 in Lockport. The national average is $1.795.
Drivers are saving more than $1 per gallon from the 2015 peak price reached this past June, and the national average has spent 32 consecutive days below the $2 per gallon benchmark. Today’s average price of $1.80 per gallon is the lowest price for gasoline since January 2009. The combination of seasonal reductions in gasoline demand and the relatively lower price for crude oil are likely to help keep prices low in the near term.
The imbalance between supply and demand and the resolution of distribution and refinery issues, is contributing to falling prices at the pump. The national average had been under some upward pressure due to regional price spikes. If the price of crude remains depressed, the national average remains poised to continue lower approaching the spring maintenance season.
Market fundamentals continue to point to supply outpacing demand; however, crude oil prices have been subject to some speculation about when and if prices have reached their bottom. Both Brent and West Texas Intermediate rallied to close out last week, movement that was largely attributed to reports that Russia and Organization of the Petroleum Exporting Countries member Saudi Arabia may meet discuss potential production cuts. U.S. production also remains a key variable in the global equation, and despite the lower price environment domestic crude oil inventories continue to test record levels. At the close of Friday’s formal trading session on the NYMEX, WTI was up 40 cents and settled at $33.62 per barrel.
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Monday, January 11, 2016
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport-area gas prices fell another four cents since last week, coming in around $2.126 per gallon according to AAA East Central’s weekly Fuel Gauge report. The average price of self-serve regular unleaded gasoline last week, based on reports from 22 stations in the Lockport area, was $2.162. This time last year, gasoline was $2.729 in Lockport. The national average is $1.965.
Nationally, gas prices continue to drop to multi-year lows, with today’s average price of $1.97 per gallon representing the cheapest average price at the pump since March 23, 2009. Gas prices have fallen for 55 of the past 66 days for a total savings of 26 cents per gallon and should remain relatively low because there is more than enough oil and gasoline around the world to meet demand.
Disruptions in production generally lead to noticeable spikes in the price at the pump, which are often exacerbated due to the market’s relative isolation and specific fuel requirements. Consumers in the region will likely experience price swings in the near term due to both planned and unplanned maintenance, and this could increase the national average price of gas even as prices drop in other parts of the country.
Both oil benchmarks have posted losses for every day of trading in 2016, and as a result, closed out the week at lows unseen in more than a decade. Expectations that prices will continue to hover at multi-year lows are beginning to surface and market watchers are paying close attention to both China and the Middle East. Growth in China’s economy was once seen as a factor that could offset some of the market’s imbalance, though there is more uncertainty now that concerns over its economy continue to grow. West Texas Intermediate closed out Friday’s formal trading session on the NYMEX down 11 cents, settling at $33.16 per barrel. This represents a loss of approximately 10 percent on the week and was the benchmark’s lowest settlement since February 9, 2004.
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Nationally, gas prices continue to drop to multi-year lows, with today’s average price of $1.97 per gallon representing the cheapest average price at the pump since March 23, 2009. Gas prices have fallen for 55 of the past 66 days for a total savings of 26 cents per gallon and should remain relatively low because there is more than enough oil and gasoline around the world to meet demand.
Disruptions in production generally lead to noticeable spikes in the price at the pump, which are often exacerbated due to the market’s relative isolation and specific fuel requirements. Consumers in the region will likely experience price swings in the near term due to both planned and unplanned maintenance, and this could increase the national average price of gas even as prices drop in other parts of the country.
Both oil benchmarks have posted losses for every day of trading in 2016, and as a result, closed out the week at lows unseen in more than a decade. Expectations that prices will continue to hover at multi-year lows are beginning to surface and market watchers are paying close attention to both China and the Middle East. Growth in China’s economy was once seen as a factor that could offset some of the market’s imbalance, though there is more uncertainty now that concerns over its economy continue to grow. West Texas Intermediate closed out Friday’s formal trading session on the NYMEX down 11 cents, settling at $33.16 per barrel. This represents a loss of approximately 10 percent on the week and was the benchmark’s lowest settlement since February 9, 2004.
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Monday, January 4, 2016
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport area gas prices dropped into 2016, 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 $2.162. This time last year, gasoline was $2.79 in Lockport. The national average is $1.990.
Gas prices rang in the New Year by reaching the lowest average price for the holiday since 2009. Today’s average price of $1.99 per gallon is the cheapest average since March 25, 2009, due to an abundance of crude oil. Pump prices are down by 22 cents on the year. Market fundamentals are positioned to continue to support consumer savings in 2016, though retail averages are likely to increase leading up to the summer driving season as seasonal refinery maintenance gets underway this spring. These price increases are expected to be seasonal, and barring any unanticipated events that dramatically impact global or domestic supply, the national average price is expected to remain below $3 per gallon in 2016.
Both crude oil benchmarks, West Texas Intermediate and Brent, closed out the year posting yearly losses of nearly 30 percent, largely attributed to global supply continuing to outpace demand. Geopolitical tensions in the Middle East appear to be influencing global oil prices, and both benchmarks opened the week posting increases related to worries about supply disruptions in the Persian Gulf region.
The domestic oil market is also being closely monitored for a number of factors that could impact production. The lower price environment is believed to have been a cause of the U.S. rig count falling by nearly two-thirds versus one year ago, and Congress also recently moved to lift the decades-old ban on crude oil exports. WTI closed out the year up 44 cents and settled at $37.04 per barrel. The NYMEX was closed on Friday due to the New Year’s Day holiday.
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Gas prices rang in the New Year by reaching the lowest average price for the holiday since 2009. Today’s average price of $1.99 per gallon is the cheapest average since March 25, 2009, due to an abundance of crude oil. Pump prices are down by 22 cents on the year. Market fundamentals are positioned to continue to support consumer savings in 2016, though retail averages are likely to increase leading up to the summer driving season as seasonal refinery maintenance gets underway this spring. These price increases are expected to be seasonal, and barring any unanticipated events that dramatically impact global or domestic supply, the national average price is expected to remain below $3 per gallon in 2016.
Both crude oil benchmarks, West Texas Intermediate and Brent, closed out the year posting yearly losses of nearly 30 percent, largely attributed to global supply continuing to outpace demand. Geopolitical tensions in the Middle East appear to be influencing global oil prices, and both benchmarks opened the week posting increases related to worries about supply disruptions in the Persian Gulf region.
The domestic oil market is also being closely monitored for a number of factors that could impact production. The lower price environment is believed to have been a cause of the U.S. rig count falling by nearly two-thirds versus one year ago, and Congress also recently moved to lift the decades-old ban on crude oil exports. WTI closed out the year up 44 cents and settled at $37.04 per barrel. The NYMEX was closed on Friday due to the New Year’s Day holiday.
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Tuesday, December 29, 2015
ENP STAFF REPORTS
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As 2015 comes to a close, and Americans pop the cork on their New Year’s Eve celebrations, AAA warns party-goers against getting behind the wheel after drinking alcohol.
“A DUI conviction can weigh heavily on your pocketbook,” says Theresa Podguski, Director of Legislative Affairs. “But getting in your car after a night of drinking could cost you more than just money. It can result in lives lost,” she adds.
With more than 91 million drivers on the road this year-end holiday, AAA urges drivers to be careful and cautious while out celebrating 2016.
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“A DUI conviction can weigh heavily on your pocketbook,” says Theresa Podguski, Director of Legislative Affairs. “But getting in your car after a night of drinking could cost you more than just money. It can result in lives lost,” she adds.
With more than 91 million drivers on the road this year-end holiday, AAA urges drivers to be careful and cautious while out celebrating 2016.
- Commit to never driving while under the influence of alcohol or drugs
- Never get in a motor vehicle with a driver that you suspect has been drinking or using drugs
- Call 911 if you observe a driver on the road that you believe may be under the influence. Warning signs can include drifting in and out of the travel lane, inability to maintain a consistent speed, or failure to obey traffic signs
- Make transportation arrangements before you head out for the night. These include designating a driver, using public transportation, calling a taxi or staying overnight at your location
- Remember: prescription, over-the-counter medications and illegal drugs also can impair your ability to drive safely
- As a party host, offer non-alcoholic drink alternatives and provide a gift to guests who volunteer to be designated drivers; provide overnight accommodations to guests who’ve been drinking
- Take the car keys away from friends and relatives who have had too much to drink
- Since you can’t control the actions of other drivers on the road, the best protection is to buckle up every time you get into a vehicle
- Driving is a privilege that many Americans enjoy. Consuming alcoholic beverages is also something that many adults take part in. However, these two activities do not go together and should never be combined. If you are driving, don’t drink. And if you are drinking, don’t drive.
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Wednesday, December 23, 2015
ENP STAFF REPORTS
news@eastniagarapost.com
The national average price of gas will drop below $2 per gallon tomorrow for the first time since March 25, 2009, according to AAA, which estimates that cheaper gas prices have saved Americans more than $100 billion on gasoline so far this year compared to 2014, which works out to nearly $550 per licensed driver in the country.
“Drivers across the country are celebrating the historic return of cheaper gas prices,” said Jim Lehman, President of AAA East Central. “This is a holiday gift that few consumers could have imagined when gasoline was nearly $4 a gallon,” he adds.
Nearly two-thirds of U.S. stations are selling gas under $2 per gallon, and drivers can find at least one station selling gas for less than that price in 45 states. The most common price nationwide is $1.999 per gallon. The national average price of gas is about 64 cents less than a year ago.
Gas prices have dropped because there is more than enough oil and gasoline supplies around the world to meet current demand. In addition, gas prices generally fall through early winter because people drive less this time of year. It is likely that prices will continue to decline over the coming weeks.
Gas prices already are much cheaper than $2 per gallon in many parts of the country. The lowest one percent of U.S. stations are selling gas for an average of $1.62 per gallon, and more than 8,000 stations are selling gas for less than $1.75 per gallon today. The states with the cheapest averages include: Missouri ($1.80), South Carolina ($1.81), Michigan ($1.82), Oklahoma ($1.83) and Mississippi ($1.83). Average state prices can be found on AAA’s Daily Fuel Gauge Report website.
Average gas prices last fell below $2 per gallon for a brief span between November 2008 and March 2009 during the height of the Great Recession, as weak global demand and a significant decline in driving helped push prices downwards. Prior to that four-month period, average gas prices were last below $2 per gallon in early March 2005.
The national average price of gas has remained more expensive than $2 per gallon for 2,449 consecutive days. During this 80-month span, gas prices averaged $3.12 per gallon and reached as high as $3.98 on May 5, 2011. The highest national average ever was $4.11 per gallon on July 17, 2008.
Based on normal seasonal trends, gas prices likely will rise in late winter and early spring as refineries conduct maintenance in advance of the busy summer driving season. Despite this expected price increase in early 2016, gasoline should remain relatively low due to abundant petroleum supplies.
Domestic supplies of commercial crude oil are about 29 percent higher than a year ago, according to the Energy Information Administration, while oil prices are nearly $70 per barrel cheaper than in the summer of 2014. Oil is the primary cost associated with making gasoline, and every $10 decline in the cost of oil can reduce gas prices by nearly 25 cents per gallon.
Americans are on track this year to drive a record number of miles, largely due to lower gas prices and a stronger economy, based on early estimates by the Federal Highway Administration. Through September, which is the most recent data available, Americans have driven 2.4 trillion miles for the year, which is a 3.5 percent increase over 2014.
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“Drivers across the country are celebrating the historic return of cheaper gas prices,” said Jim Lehman, President of AAA East Central. “This is a holiday gift that few consumers could have imagined when gasoline was nearly $4 a gallon,” he adds.
Nearly two-thirds of U.S. stations are selling gas under $2 per gallon, and drivers can find at least one station selling gas for less than that price in 45 states. The most common price nationwide is $1.999 per gallon. The national average price of gas is about 64 cents less than a year ago.
Gas prices have dropped because there is more than enough oil and gasoline supplies around the world to meet current demand. In addition, gas prices generally fall through early winter because people drive less this time of year. It is likely that prices will continue to decline over the coming weeks.
Gas prices already are much cheaper than $2 per gallon in many parts of the country. The lowest one percent of U.S. stations are selling gas for an average of $1.62 per gallon, and more than 8,000 stations are selling gas for less than $1.75 per gallon today. The states with the cheapest averages include: Missouri ($1.80), South Carolina ($1.81), Michigan ($1.82), Oklahoma ($1.83) and Mississippi ($1.83). Average state prices can be found on AAA’s Daily Fuel Gauge Report website.
Average gas prices last fell below $2 per gallon for a brief span between November 2008 and March 2009 during the height of the Great Recession, as weak global demand and a significant decline in driving helped push prices downwards. Prior to that four-month period, average gas prices were last below $2 per gallon in early March 2005.
The national average price of gas has remained more expensive than $2 per gallon for 2,449 consecutive days. During this 80-month span, gas prices averaged $3.12 per gallon and reached as high as $3.98 on May 5, 2011. The highest national average ever was $4.11 per gallon on July 17, 2008.
Based on normal seasonal trends, gas prices likely will rise in late winter and early spring as refineries conduct maintenance in advance of the busy summer driving season. Despite this expected price increase in early 2016, gasoline should remain relatively low due to abundant petroleum supplies.
Domestic supplies of commercial crude oil are about 29 percent higher than a year ago, according to the Energy Information Administration, while oil prices are nearly $70 per barrel cheaper than in the summer of 2014. Oil is the primary cost associated with making gasoline, and every $10 decline in the cost of oil can reduce gas prices by nearly 25 cents per gallon.
Americans are on track this year to drive a record number of miles, largely due to lower gas prices and a stronger economy, based on early estimates by the Federal Highway Administration. Through September, which is the most recent data available, Americans have driven 2.4 trillion miles for the year, which is a 3.5 percent increase over 2014.
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Tuesday, December 15, 2015
ENP STAFF REPORTS
news@eastniagarapost.com
This week, Lockport-area gas prices decreased by almost 4 cents, according to AAA East Central’s weekly Fuel Gauge report, based on reports from 22 stations in the Lockport area.
This week’s Lockport area average price of $2.207 is down from the average price last week of $2.243 and 74 cents lower than the $2,945 this time last year.
With the falling cost of crude oil, consumers are paying the cheapest prices at the pump, on average, since 2009. The national average is $2.013.
Drivers are saving about 21 cents over the past month and 54 cents over last year at this time, with the current average 79 cents lower than this year’s peak price.
Prices for crude oil opened this week at its lowest point in more than five years. Last week, the West Texas Intermediate crude oil price closed at $35.62 per barrel, the lowest for that benchmark since the Great Recession of 2008-2009.
As global supply continues to outpace demand, the market imbalance should continue into the new year, keeping a price ceiling on oil costs. The cost of crude oil has fallen by about 60 percent compared to June of 2014.
Overall, average prices remained relatively steady this week, with 26 state averages falling below the $2 per gallon mark.
The market focus continues to center on the Federal Reserve’s potential to raise interest rates, for the first time in seven years, following a strong U.S. jobs report. An increase in interest rates often leads to a stronger U.S. dollar, which would make oil relatively more expensive for those with foreign currency and potentially exacerbate the global over supply.
Over the past week, the domestic oil rig count fell by 28, the largest weekly increment in almost a quarter. However, strong production continues to dominate the market. Also, members of Congress are working on a budget deal that would end the ban on U.S. crude oil exports, which could further impact domestic production and global supply.
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This week’s Lockport area average price of $2.207 is down from the average price last week of $2.243 and 74 cents lower than the $2,945 this time last year.
With the falling cost of crude oil, consumers are paying the cheapest prices at the pump, on average, since 2009. The national average is $2.013.
Drivers are saving about 21 cents over the past month and 54 cents over last year at this time, with the current average 79 cents lower than this year’s peak price.
Prices for crude oil opened this week at its lowest point in more than five years. Last week, the West Texas Intermediate crude oil price closed at $35.62 per barrel, the lowest for that benchmark since the Great Recession of 2008-2009.
As global supply continues to outpace demand, the market imbalance should continue into the new year, keeping a price ceiling on oil costs. The cost of crude oil has fallen by about 60 percent compared to June of 2014.
Overall, average prices remained relatively steady this week, with 26 state averages falling below the $2 per gallon mark.
The market focus continues to center on the Federal Reserve’s potential to raise interest rates, for the first time in seven years, following a strong U.S. jobs report. An increase in interest rates often leads to a stronger U.S. dollar, which would make oil relatively more expensive for those with foreign currency and potentially exacerbate the global over supply.
Over the past week, the domestic oil rig count fell by 28, the largest weekly increment in almost a quarter. However, strong production continues to dominate the market. Also, members of Congress are working on a budget deal that would end the ban on U.S. crude oil exports, which could further impact domestic production and global supply.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
Monday, December 7, 2015
ENP STAFF REPORTS
news@eastniagarapost.com
This week, Lockport area gas prices are down by a penny, according to AAA East Central’s weekly Fuel Gauge report, based on reports from 22 stations in the Lockport area.
This week’s Lockport area average price is $2.243 down from $2.255 a week ago and $3.155 this time last year.
The national average is $2.033 and poised to fall below $2 per gallon for the first time since 2009. Although prices declined at smaller increments this week, many drivers in the region are experiencing savings over last week, 19 cents month-over-month and about 65 cents year-over-year for this time. Averages are expected to continue to decline into 2016, with 23 states already averaging below the $2 mark.
With the conclusion of the fall maintenance season and less winter demand pressuring prices downward, domestic supplies continue to remain high, helping to keep prices low. In fact, only nine states saw increases in average prices this week, with Ohio seeing the largest increase at 6 cents.
Additional market factors continue to keep prices down, including last week’s decision from OPEC to continue current production levels, exacerbating the present imbalance between global supply and demand. The cartel will not meet again until June, indicating the imbalance is likely to persist.
According to the U.S. Energy Information Administration, production levels continue to outpace 2014 and existing demand, that along with relatively low crude oil prices, are also keeping prices at the lowest levels in years.
Focus remains on the Federal Reserve, with a strong U.S. jobs report expected to trigger a rise in interest rates, which often leads to a strong U.S. dollar. A stronger U.S. dollar makes oil more expensive for those with foreign currency.
U.S. crude oil and gasoline supplies are nearing an all-time high, leading to questions of continued production and storage capacity, despite reports from the Bureau of Labor Statistics showing a loss of more than 5,000 jobs in the oil and gas extraction sector over the past two months.
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news@eastniagarapost.com
This week’s Lockport area average price is $2.243 down from $2.255 a week ago and $3.155 this time last year.
The national average is $2.033 and poised to fall below $2 per gallon for the first time since 2009. Although prices declined at smaller increments this week, many drivers in the region are experiencing savings over last week, 19 cents month-over-month and about 65 cents year-over-year for this time. Averages are expected to continue to decline into 2016, with 23 states already averaging below the $2 mark.
With the conclusion of the fall maintenance season and less winter demand pressuring prices downward, domestic supplies continue to remain high, helping to keep prices low. In fact, only nine states saw increases in average prices this week, with Ohio seeing the largest increase at 6 cents.
Additional market factors continue to keep prices down, including last week’s decision from OPEC to continue current production levels, exacerbating the present imbalance between global supply and demand. The cartel will not meet again until June, indicating the imbalance is likely to persist.
According to the U.S. Energy Information Administration, production levels continue to outpace 2014 and existing demand, that along with relatively low crude oil prices, are also keeping prices at the lowest levels in years.
Focus remains on the Federal Reserve, with a strong U.S. jobs report expected to trigger a rise in interest rates, which often leads to a strong U.S. dollar. A stronger U.S. dollar makes oil more expensive for those with foreign currency.
U.S. crude oil and gasoline supplies are nearing an all-time high, leading to questions of continued production and storage capacity, despite reports from the Bureau of Labor Statistics showing a loss of more than 5,000 jobs in the oil and gas extraction sector over the past two months.
Check out East Niagara Post videos on YouTube, Vine and Periscope.
Monday, November 30, 2015
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport area gas prices have dropped another six cents in the last 14 days, 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 2.26, down from $2.32 last week and $3.20 this time last year. The national average is $2.04.
Drivers this year paid the lowest gas prices for Thanksgiving since 2008, and the national average has now fallen for 24 straight days. Today’s average price of $2.04 per gallon is within fractions of a penny of the multi-year low reached this January, and the national average remains poised to fall below the $2 per gallon benchmark by Christmas. Gas prices are down three cents per gallon for the week, 14 cents over the last month and 74 cents compared to a year ago.
The national average has dropped for 24 of the past 30 days, largely due to the resolution of unplanned and planned refinery maintenance. The latest data from the U.S. Energy Information Administration points to rising refinery runs and output reaching its highest rates since September. Demand for gasoline typically declines during the winter months and the gasoline market may become even more oversupplied in the near term, which should keep gas prices relatively low. Barring any unanticipated disruptions in supply, or swings in the price of crude oil, retail averages are expected to continue to fall leading into 2016.
Oversupply and a strengthening U.S. dollar continue to impact global oil markets, keeping downward pressure on the price of crude oil. Geopolitical tensions between Russia and Turkey have yet to lead to any sustained increases in prices, and early reports indicate that tensions between the two countries will have little impact on production in the Middle East. OPEC is scheduled to meet this Friday, and analysts expect that the cartel is unlikely to reduce production despite the relatively low price of crude oil.
Domestic crude oil inventories remain elevated compared to previous years, and talks are now shifting toward the potential impacts of a surplus in gasoline inventories. West Texas Intermediate opened this week’s formal trading posting gains after closing out Friday’s formal trading session on the NYMEX down $1.33, settling at $41.71 per barrel. Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android.
East Niagara Post is the official media sponsor of Hockey Day in Lockport.
news@eastniagarapost.com
Lockport area gas prices have dropped another six cents in the last 14 days, 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 2.26, down from $2.32 last week and $3.20 this time last year. The national average is $2.04.
The national average has dropped for 24 of the past 30 days, largely due to the resolution of unplanned and planned refinery maintenance. The latest data from the U.S. Energy Information Administration points to rising refinery runs and output reaching its highest rates since September. Demand for gasoline typically declines during the winter months and the gasoline market may become even more oversupplied in the near term, which should keep gas prices relatively low. Barring any unanticipated disruptions in supply, or swings in the price of crude oil, retail averages are expected to continue to fall leading into 2016.
Oversupply and a strengthening U.S. dollar continue to impact global oil markets, keeping downward pressure on the price of crude oil. Geopolitical tensions between Russia and Turkey have yet to lead to any sustained increases in prices, and early reports indicate that tensions between the two countries will have little impact on production in the Middle East. OPEC is scheduled to meet this Friday, and analysts expect that the cartel is unlikely to reduce production despite the relatively low price of crude oil.
Domestic crude oil inventories remain elevated compared to previous years, and talks are now shifting toward the potential impacts of a surplus in gasoline inventories. West Texas Intermediate opened this week’s formal trading posting gains after closing out Friday’s formal trading session on the NYMEX down $1.33, settling at $41.71 per barrel. Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android.
East Niagara Post is the official media sponsor of Hockey Day in Lockport.
Tuesday, November 17, 2015
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport-area gas prices have dropped another 2 cents, 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 2.29, down from $2.31 last week and $3.33 this time last year. The national average is $2.15.
Pump prices have fallen for ten consecutive days, reaching today’s national average price of $2.16 per gallon. AAA believes that average U.S. prices should continue to decline and could drop below $2 per gallon by Christmas for the first time since 2009.Drivers are benefitting from relative savings in the price of retail gasoline with today’s average six cents less per gallon than one week ago and 11 cents less than one month ago. The price of crude oil remains noticeably low compared to previous years, and as a result, retail averages are down 74 cents per gallon year-over-year.
Refinery production in the Midwest appears to be recovering, which should help improve prices in the region. For example, the ExxonMobil refinery in Joliet, Illinois, has reportedly concluded its scheduled maintenance and returned to production. This and other refinery restarts in the Midwest have led to large weekly and monthly price discounts in Ohio, Illinois, Indiana and Michigan.
Historically, gasoline demand tends to decline during the month of November, and with the autumn refinery maintenance season nearing completion, pump prices are expected to move lower to close out the year, barring any unanticipated outages or supply disruptions. Eleven states are posting averages below $2 per gallon. A bearish sentiment prevails with global petroleum prices, and traders are following the recent terrorist attacks in France to determine what effects it may have on the market. Global supply continues to outpace demand, while a strengthening U.S. dollar, which makes crude oil more expensive for buyers holding foreign currencies, is expected to keep a ceiling on prices into 2016.
U.S. crude oil inventories continue to build, and according to the U.S. Energy Information Administration, are within reach of hitting record levels set this past April. For the first time in more than two months, the U.S. oil rig count increased on Friday. While this measure is not the best indicator of production, it reportedly reinforced the expectation that U.S. production rates will remain high and keep the market oversupplied in the near term. West Texas Intermediate opened this week’s trading session posting gains, though prices have since declined. This comes following a week of testing the $40 per barrel threshold, and closing Friday’s formal trading session on the NYMEX, down $1.01, settling at $40.74 per barrel, a closing price that represents a loss of nearly 10 percent on the week.
East Niagara Post is the official media sponsor of Hockey Day in Lockport.
news@eastniagarapost.com
The average price of self-serve regular unleaded gasoline, based on reports from 22 stations in the Lockport area, is 2.29, down from $2.31 last week and $3.33 this time last year. The national average is $2.15.
Pump prices have fallen for ten consecutive days, reaching today’s national average price of $2.16 per gallon. AAA believes that average U.S. prices should continue to decline and could drop below $2 per gallon by Christmas for the first time since 2009.Drivers are benefitting from relative savings in the price of retail gasoline with today’s average six cents less per gallon than one week ago and 11 cents less than one month ago. The price of crude oil remains noticeably low compared to previous years, and as a result, retail averages are down 74 cents per gallon year-over-year.
Refinery production in the Midwest appears to be recovering, which should help improve prices in the region. For example, the ExxonMobil refinery in Joliet, Illinois, has reportedly concluded its scheduled maintenance and returned to production. This and other refinery restarts in the Midwest have led to large weekly and monthly price discounts in Ohio, Illinois, Indiana and Michigan.
Historically, gasoline demand tends to decline during the month of November, and with the autumn refinery maintenance season nearing completion, pump prices are expected to move lower to close out the year, barring any unanticipated outages or supply disruptions. Eleven states are posting averages below $2 per gallon. A bearish sentiment prevails with global petroleum prices, and traders are following the recent terrorist attacks in France to determine what effects it may have on the market. Global supply continues to outpace demand, while a strengthening U.S. dollar, which makes crude oil more expensive for buyers holding foreign currencies, is expected to keep a ceiling on prices into 2016.
U.S. crude oil inventories continue to build, and according to the U.S. Energy Information Administration, are within reach of hitting record levels set this past April. For the first time in more than two months, the U.S. oil rig count increased on Friday. While this measure is not the best indicator of production, it reportedly reinforced the expectation that U.S. production rates will remain high and keep the market oversupplied in the near term. West Texas Intermediate opened this week’s trading session posting gains, though prices have since declined. This comes following a week of testing the $40 per barrel threshold, and closing Friday’s formal trading session on the NYMEX, down $1.01, settling at $40.74 per barrel, a closing price that represents a loss of nearly 10 percent on the week.
East Niagara Post is the official media sponsor of Hockey Day in Lockport.
Friday, November 13, 2015
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| Barker Police Chief W. Ross Annable is presented a plaque by AAA Safety Advisor Terri Rae Anthony Thursday afternoon in recognition of his department's traffic safety efforts. (ENP STAFF PHOTOS) |
ENP STAFF REPORTS
news@eastniagarapost.com
Five East Niagara police departments -- and three from Orleans County -- were recognized Thursday by AAA for their efforts in traffic safety.
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Ten police officials from eight area departments enjoyed lunch at Donna
Eick's on Thursday -- in recognition of their traffic safety efforts.
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A Gold awards, the second highest recognition to be given, was awarded to the Lockport Police Department. Medina PD received a Silver award, while Bronze was bestowed to the Barker and Holley Police departments.
Representatives from each department were on hand at a special luncheon at Donna Eick's restaurant, 7 Charles St., where they received plaques from AAA.
“We are proud of all these departments for their achievement and participation in the Community Traffic Safety Program,” said JJ Miller, AAA East Central Safety Advisor. “They went above and beyond the call of duty by organizing projects to make their communities safer places for motorists and residents.”
To be eligible for the annual awards, a community must conduct traffic safety promotions and educate the public on safety topics.
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| LPD Capt. Mike Niethe accepted his department's Platinum Award from AAA. |
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East Niagara Post is the official media sponsor of Hockey Day in Lockport.
Tuesday, November 10, 2015
ENP STAFF REPORTS
news@eastniagarapost.com
This week, Lockport area gas prices "stabilized," according to AAA East Central’s weekly Fuel Gauge report, based on reports from 22 stations in the Lockport area.
This week’s Lockport-area average price is $2.305, down less than a cent from last week's price of $2.314. A year ago, the average was $3.388.
For the second week in a row, the national average price for a gallon of regular unleaded increased, reaching $2.21. Despite this increase, drivers are still paying about 10 cents less over last month and 72 cents over last year at this time.
The volume of refinery maintenance work and unplanned outages have caused the average price to creep higher over the past weeks, yet drivers are paying the lowest average price per gallon for this date since 2006.
As turnaround maintenance continues, some Midwestern states are seeing relief as prices fell 11 cents in Ohio and Indiana following significant week-over-week hikes. Elsewhere, drivers are paying more than 10 cents over last week’s state averages, in Delaware, Kentucky and Oregon. Drivers in Pennsylvania are also seeing incremental increases, despite reports of refinery restarts, which should lower pump prices. The U.S. Department of Energy continues to rank gas production and refinery rates at the same levels as previous weeks.
Chevron’s Richmond, Calif. refinery is the latest to announce a shutdown to a major unit on site as crews continue the largest turnaround work in the refinery’s history. Over the next few weeks, due to unexpected outages such as these, volatility in the national average remains possible.
Even with short-term regional shortages, market factors indicating a strengthening U.S. dollar should further draw crude oil prices down, as market oversupply remains front of mind.
OPEC’s Secretary announced that the cartel remains optimistic that the market will return to balance in the next year, as the cartel prepares for its planning meeting on Dec. 4.
Along with OPEC’s announcement came news that domestic oil and gas drilling reportedly reached its lowest point since June 2010, which typically causes an increase in pump prices. However, domestic crude oil inventories remain near-record high, which should keep prices down over the next few months.
East Niagara Post is the official media sponsor of Hockey Day in Lockport.
news@eastniagarapost.com
This week’s Lockport-area average price is $2.305, down less than a cent from last week's price of $2.314. A year ago, the average was $3.388.
For the second week in a row, the national average price for a gallon of regular unleaded increased, reaching $2.21. Despite this increase, drivers are still paying about 10 cents less over last month and 72 cents over last year at this time.
The volume of refinery maintenance work and unplanned outages have caused the average price to creep higher over the past weeks, yet drivers are paying the lowest average price per gallon for this date since 2006.
As turnaround maintenance continues, some Midwestern states are seeing relief as prices fell 11 cents in Ohio and Indiana following significant week-over-week hikes. Elsewhere, drivers are paying more than 10 cents over last week’s state averages, in Delaware, Kentucky and Oregon. Drivers in Pennsylvania are also seeing incremental increases, despite reports of refinery restarts, which should lower pump prices. The U.S. Department of Energy continues to rank gas production and refinery rates at the same levels as previous weeks.
Chevron’s Richmond, Calif. refinery is the latest to announce a shutdown to a major unit on site as crews continue the largest turnaround work in the refinery’s history. Over the next few weeks, due to unexpected outages such as these, volatility in the national average remains possible.
Even with short-term regional shortages, market factors indicating a strengthening U.S. dollar should further draw crude oil prices down, as market oversupply remains front of mind.
OPEC’s Secretary announced that the cartel remains optimistic that the market will return to balance in the next year, as the cartel prepares for its planning meeting on Dec. 4.
Along with OPEC’s announcement came news that domestic oil and gas drilling reportedly reached its lowest point since June 2010, which typically causes an increase in pump prices. However, domestic crude oil inventories remain near-record high, which should keep prices down over the next few months.
East Niagara Post is the official media sponsor of Hockey Day in Lockport.
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