11/1/2022 0 Comments Loom pricing![]() ![]() Lower housing demand also pushed oil demand expectations lower. Higher mortgage rates, alongside the rising costs of materials, played a role in decreasing the demand for new housing. housing data showed that homebuilding dropped to its lowest level in one and half years in July. 19, West Texas Intermediate increased by 27 cents to settle at $90.77.Īlthough crude prices increased at the end of last week, EIA reported that total domestic crude supply decreased by 7 million barrels to 425 million barrels, and crude prices declined earlier in the week after U.S. The nation's top 10 least expensive markets are Arkansas ($3.41), Mississippi ($3.43), Georgia ($3.43), Texas ($3.44), Tennessee ($3.44), Louisiana ($3.46), South Carolina ($3.46), Missouri ($3.47), Alabama ($3.47) and Kansas ($3.48).Īt the close of the formal trading session on Aug. The nation's top 10 largest weekly decreases were seen in Florida (12 cents), West Virginia (11 cents), Maine (11 cents), New Jersey (11 cents), Rhode Island (11 cents), Vermont (11 cents), Massachusetts (11 cents), Wyoming (10 cents), Connecticut (10 cents) and Mississippi (10 cents). LOOM PRICING DRIVERSIf oil prices edge lower, drivers will likely continue to see falling pump prices, AAA noted. ![]() Total domestic gasoline stocks decreased by nearly 5 million barrels to 215.7 million barrels.Īlthough gasoline demand has risen and supplies have tightened, easing oil prices have helped lower pump prices. These storms can affect prices by disrupting oil production in the Gulf of Mexico and impacting large coastal refineries."ĭata from the Energy Information Administration (EIA) shows that gas demand rose slightly from 9.12 million barrels per day to 9.35 million barrels per day last week, which is nearly identical to this time last year. "But now we need to keep an eye on the weather as hurricane season arrives. "Drivers are now benefiting from gas prices that are $1.11 less than their peak in mid-June," said Andrew Gross, AAA spokesperson. However, the average is 74 cents more than one year ago, according to AAA. Today's national average is $3.90, which is 5 cents less than one week ago and 51 cents less than one month ago. Stable global oil prices and modest domestic demand for fuel have led the average price at the pump to fall below $4 for the second consecutive week. ![]()
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