The Tennessee gas price average has dropped a penny since last week. The Tennessee Gas Price average is now $1.93 which is nearly five cents more than one month ago and 60 cents less than one year ago.
- 90% of Tennessee gas stations still have prices below $2.00
- The lowest 10% of pump prices are $1.75 for regular unleaded
- The highest 10% of pump prices are $2.22 for regular unleaded
- Tennessee remains the 9th least expensive market in the nation
National Gas Prices
At 8.6 million b/d, the Energy Information Administration (EIA) measures demand at a 1% decrease week-over-week, 9% increase month-over-month and a 6% decrease year-over-year. Meanwhile, gasoline stocks measure at a 1% weekly decline, a 3% decrease month-over-month, but a 7% increase compared to last year.
National Oil Market Dynamics
At the end of Friday’s formal trading session, WTI decreased by 16 cents to settle at $40.59 per barrel. Domestic crude prices fell after EIA’s weekly report revealed that total domestic crude inventories decreased by 7.5 million bbl to 531.7 million bbl. Decreasing crude stocks could mean that crude production is beginning to meet demand, which could stabilize crude prices this week, as coronavirus outbreaks continue to grow worldwide.
Tennessee Regional Prices
- Most expensive metro markets – Memphis ($1.98), Nashville ($1.97), Morristown ($1.96)
- Least expensive metro markets – Kingsport ($1.87), Cleveland ($1.88), Johnson City ($1.88)