Gas prices in Buffalo and Rochester are mostly unchanged in the past week, but national demands have reached their highest levels since August with today’s national average price for a gallon of gasoline reaching $2.55, which is up two cents compared to one week ago. One year ago, the price was $2.29. The New York State average is $2.69, which is the same as last week. A year ago, the NYS average was $2.43.
Locally, prices in Buffalo are $2.66 per gallon, down a penny from a week ago. The price in Rochester are $2.64, unchanged from last week.
Gas prices remain mostly flat this week, signaling that supply and demand for gasoline are synced. Demand registered at 9.6 million b/d (barrels per day) last week – which is extraordinarily high for the middle of March. For context, the rate is the highest seen this year and the highest weekly estimate since the end of August last year. High demand led to gasoline stocks falling sharply by 6.3 million bbl (barrels) and total gasoline output to inch up to 10.1 million b/d last week. With spring around the corner, the market will be looking to see if demand jumps up further, supporting an increase in pump prices for drivers. The International Energy Agency’s (IEA) latest 2018 global crude demand forecast shows that demand is expected to increase by 1.5 million b/d (barrels per day) this year, landing at a total of 99.3 million barrels per day. Last year’s total demand sat at 97.8 million b/d.
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