Tennessee Regional Prices
• Most expensive metro markets - Nashville ($1.72), Morristown ($1.67), Jackson ($1.57)
• Least expensive metro markets - Cleveland ($1.43), Memphis ($1.45), Chattanooga ($1.51)
The Tennessee gas price average continues to decline and has dropped nearly 4 cents since this time last week. The Tennessee Gas Price average is now $1.56 which is 25 cents less than one month ago and nearly $1.07 less than one year ago.
Quick Facts
• 46% of TN filling stations have sub-$1.50 gas prices
• TN gas prices have declined for 61 consecutive days for a total discount of nearly 68 cents per gallon
• The lowest 10% of pump prices are $1.26 for regular unleaded
• The highest 10% of pump prices are $1.97 for regular unleaded
National Gas Prices
As gas prices continue to push cheaper across the country, only one dozen states carry an average of $2/gallon or more. Today's national average is $1.77, which is four cents less than last week, 28 cents cheaper than last month and $1.11 less than a year ago.
Crude oil prices were extremely volatile last week, pushing negative for the first time ever, but they did make significant gains to end the week in the positive. The Energy Information Administration (EIA) reported demand at 5.3 million b/d, a slight increase, but still an extremely low rate compared to last April's 9.45 million b/d average. Low demand pushed gasoline stocks to increase for yet another week, this time by 1 million bbl to put total U.S. stock levels at 263 million bbl.
Some states could see minimal fluctuation at the pump in coming weeks if demand jumps as business are given the green light to re-open. However, this will not have a large impact for the majority of the nation's motorists.
National Oil Market Dynamics
At the end of Friday's formal trading session, WTI increased by 44 cents to settle at $16.94 per barrel. Crude prices have recovered after turning negative last week for the first time since trading in 1983. Last week's decline in prices has been attributed to many factors, including the inability of market traders who owned oil futures to find other market participants to sell their futures contracts to and limited available crude storage options.
Crude prices started to push more expensive by the end of last week in response to reports of the Organization of the Petroleum Exporting Countries reducing crude output before the May 1 start date of its 9.7 million b/d production reduction agreement for May and June 2020. Crude prices will likely remain volatile this week, as the market continues to assess how much crude demand will continue to fall during the ongoing pandemic.
