Posted in: Gas Prices,
by Patrick DeHaan on Jun 24, 2013 10:02 AM
Need a break from high gasoline prices? If you do (and who the heck doesn't?) this could be a decent week for you. I expect that across Canada and the U.S. that gasoline prices in most areas will decline. The amount of course will vary by area, but California is likely to see larger decreases. Price declines in the Great Lakes are starting to catch up with the decline in wholesale prices, so declines in that region may begin to slow down in the coming week.
Oil prices continue to shed value with the open of the market, with West Texas Intermediate (WTI) declining to $93/bbl, notably lower than where it stood last week Monday when prices were clinging to the upper $90s.
The national average across the U.S. has declined 4c/gallon in the last week to $3.57/gal, while in Canada, prices haven't budged much, holding level at 131.3c/L. Canada may see prices decline to an average of 129c/L by next week, while in the U.S. prices may drop to an average of $3.53/gal.
All eyes will continue to be on this Wednesday's Energy Information Administration report, which will highlight any changes to the nation's supply and demand picture and will likely be a big influence on if gasoline prices continue to decline. Stay tuned to the blog for our weekly comments on that report which we post Wednesday mornings around 10:45am ET.