Unleaded gas under 47c Wow!
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Started by metmike - March 23, 2020, 12:28 p.m.

Scroll down to get a comprehensive view of what's going on right now!

Unleaded has been having an unprecedented move to the downside this month as everything shuts down and demand for fuel to travel falls off of a cliff. 

Unleaded gas price. Wow. Dropped from $1.90+ just over 2 months ago down to below 47c here on  Monday, 3-23.......much of that drop is the anticipation of the Coronavirus shutdown. 

The price of oil from a glut caused by over production and demand destruction is another factor.


2 years below



By metmike - March 23, 2020, 12:34 p.m.
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Crude has had an incredible drop too, thanks to the Coronavirus and over production by Saudi Arabia and Russia but nothing like the chart above for Unleaded:



By metmike - March 23, 2020, 12:38 p.m.
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Weekly US ending stocks of crude oil. 



        Weekly ending stocks for unleaded gasoline. 


metmike: Interesting in that Unleaded stocks were at record high levels earlier this year, then the last 5 weeks featured some hefty drawdowns, including a big drop last week..........before all these shutdowns. Fundamentals and seasonal drawdowns/price tendencies in the Spring/Summer drive season had us poised for a big rally.

Instead of the seasonal uptick in demand continuing to draw down stocks, record low demand will cause them to set new highs by a wide margin. They will go higher and higher the next couple of months. This is why we dropped to 47c for RBJ20 on Monday. WOW! That's $1.45 lower than just 3 months ago.


          Weekly US ending stocks for distillate fuel oil(heating oil-especially used in the Northeast).  



metmike: Look at this graph below and the big uptick in demand prior to the shutdown period. Those lines will be taking a nosedive for numerous weeks ahead:

Gasoline demand (million barrels per day)


U.S. gasoline demand graph


By metmike - March 23, 2020, 12:41 p.m.
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U.S. Crude Oil Inventories

Latest Release Mar 18, 2020  Actual   1.954M  Forecast  3.256M   Previous  7.664M


Release DateTimeActualForecastPrevious
Mar 25, 2020 10:30  1.954M
Mar 18, 2020 10:301.954M3.256M7.664M
Mar 11, 2020 10:307.664M2.266M0.785M
Mar 04, 2020 11:300.785M2.644M0.452M
Feb 26, 2020 11:300.452M2.005M0.414M
Feb 20, 2020 12:000.414M2.494M7.459M

By metmike - March 23, 2020, 12:43 p.m.
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Current gas prices around the country..............still too high at the pump and lower prices are coming.

Low prices for sure the next several months.


By metmike - March 23, 2020, 12:48 p.m.
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This Week in Petroleum


Gasoline stocks (million barrels) and days of supply

U.S. gasoline stocks graph


metmike: That blue line will be going back up and setting new highs because of the demand destruction from the coronavirus. 

By metmike - March 23, 2020, 12:50 p.m.
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metmike: This is what's pressuring corn. Ethanol stocks will be soaring higher to a record. Ethanol plants will be shutting down.

Fuel ethanol stocks (million barrels)


U.S. fuel ethanol stocks graph


Fuel ethanol production (million barrels per day)


U.S. fuel ethanol production graph


By metmike - March 23, 2020, 1:01 p.m.
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Gasoline explained-Regional gasoline price differences

Why are gasoline prices higher in some regions?


Gasoline prices vary over time and among states and regions. In addition to differences in state and local taxes, other factors contribute to regional differences in gasoline prices, including distance from supply, supply disruptions, and retail competition and operating costs.


A map of the United States showing states and cities in Petroleum for Administration for Defense Districts.


Annual average prices for regular-grade gasoline at retail outlets by PADD region, 2019

(dollars per gallon, including taxes)

East Coast$2.515-5th highest
New England$2.574-4th highest
Central Atlantic$2.656-2nd highest
Lower Atlantic$2.410-7th highest
Midwest$2.486-6th highest
Gulf Coast$2.283-cheapest
Rocky Mountain$2.646-3rd highest
West Coast$3.337-highest
By metmike - March 23, 2020, 1:12 p.m.
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I hope you have good eyes(or a magnifying glass)  (-:

Fuel taxes in the United States


Fuel taxes in the united states

By metmike - March 23, 2020, 1:14 p.m.
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We can all see this map!

By metmike - March 23, 2020, 2:14 p.m.
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Unleaded spiking lower again.............got below 45c. Holy Cow!

By Jim_M - March 23, 2020, 2:34 p.m.
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Quite the disconnect between crude and unleaded today.  

I saw gas for $1.39 today.  Monday the 23rd

By metmike - March 23, 2020, 5:35 p.m.
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Great observation Jim!

Unleaded (April contract) spiked down below 38c today at 1:28pm just before the regular session close.....this is unreal. Closed around 44c at 4pm

Crude in the new front month, May actually closed a bit higher...........last was 23.78. (after April spiked below $20 briefly at expiration  late last week.)

Heating oil traded close to 96c this morning, closed around 1.04 at 4pm.

By metmike - March 24, 2020, 2:33 p.m.
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UNL closed above 44c, up around 3c from Monday.

By bowyer - March 24, 2020, 9:19 p.m.
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Gas at the pump here in WC Illinois today 3/24 is $2.13 gal.

By metmike - March 25, 2020, 1:06 a.m.
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You are being ripped off with price gouging bowyer!

That's around 70c higher than it should be.