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Oil Prices Remain Depressed After OPEC+ Shocked Markets

Oil Prices Remain Depressed After OPEC+ Shocked Markets

Oil prices remained depressed early…

U.S. Prices At The Pump Decline, Trend Set To Continue

Gasoline prices have declined in virtually all 50 states in the U.S., GasBuddy has reported. According to the energy watchdog, the national average price of a gallon of regular gas has declined to $3.704, down from $3.814 a week ago and $3.910 a year ago while diesel is retailing at a national average of $4.514 per gallon, down from $4.557 a week ago and $5.030 a year ago. Even more encouraging for motorists, GasBuddy has predicted that this trend is set to continue.

“At long last, the decline in gas prices that we’ve been waiting to see has arrived, and the locomotive of falling prices has only recently started on a downhill, gaining momentum. However, some new caution signs have emerged with the recent attacks on Israel, potentially destabilizing a sensitive region,” Patrick De Haan, head of petroleum analysis at GasBuddy, has said.

“I’m hopeful the violence won’t spread, limiting the impact of these falling gas prices. Even with oil prices rising as a reaction to the attacks, I remain optimistic the national average could decline another 25-45 cents by late November, with prices potentially falling nearly triple that in California,” De Haan added. 

GasBuddy’s thesis will be tested in the coming weeks after Hamas’ deadly attack on Israel on Friday reversed a deep oil price selloff on fears that the conflict might spill over and become a regional war. Israel has responded to the attacks with massive retaliatory missile strikes on military targets in Gaza and Lebanon, with the Israeli prime minister's office saying the security cabinet has approved several steps to destroy military and governmental capabilities of Hamas and Islamic Jihad "for many years." 

Meanwhile, the oil markets remain relatively tight: Last week’s report from the Energy Information Administration showed a 2.2 million barrel drop in U.S. oil inventories, now standing 3.5% below their year-ago level despite domestic prediction hitting a record high of 12.9 barrels per day. However, the report was mixed with inventories surging by 6.5 million barrels, signaling weakening demand. Several experts have previously warned of impending oil demand destruction due to high oil prices.

By Alex Kimani for Oilprice.com

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