Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.77, down 2 cents from last week. One year ago, the price was $2.84. The New York State average is $2.89 – no change from last week. A year ago, the NYS average was $3. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $2.84 (no change since last week)
- Buffalo -- $2.85 (down a penny since last week)
- Ithaca -- $2.83 (down 2 cents since last week)
- Rochester -- $2.83 (down 1 cent since last week)
- Rome -- $2.85 (no change since last week)
- Syracuse -- $2.79 (down a penny since last week)
- Watertown -- $2.81 (no change since last week)
Pump prices are stabilizing signaling that supply and demand are likely in sync so motorists are seeing prices level out.
At the close of Friday’s formal trading session on the NYMEX, WTI increased by 33 cents to settle at $55.63.
Crude prices mostly declined last week after the International Energy Agency (IEA) announced that it does not expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets.
The IEA is reducing its 2019 oil demand growth forecast to 1.1 million barrels per day (bpd) from 1.2 million bpd due to a slowing global economy amid the continuing U.S.-China trade dispute.
Concerns over the current excess of oil in the crude market overshadowed concerns of increasing tension in the Middle East last week though tensions in the Middle East spiked at the end of last week, so analysts will continue to monitor issues there.
