Gasoline inventories decrease in the Midwest

Credit: DaytonDailyNews

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Gas prices drop around Miami Valley

Credit: DaytonDailyNews

UPDATE @7:34 a.m. 05/11/17

GasBuddy.com Senior Petroleum Analyst Patrick DeHaan reports gasoline inventories decreased by 0.2 million barrels to a total of 241.1 MMbbl.

At 241.1 MMbbl, inventories are down 0.5 MMbbl, 0.2% lower than a year ago and are above the upper limit of the average range for this time of year, DeHaan noted.

In the Midwest, inventories are down 1.0 MMbbl.

Gas prices typically increase when inventories decrease, and fall when inventories increase.

The average price for a gallon of gas in Dayton on Thursday morning is $2.23 with prices rising, according to GasBuddy.com. The cheapest gas is $1.98 per gallon at Sam’s Club located at 6955 Miller Lane near York Center Drive.

In the Hamilton area, the average gas price is $2.26 per gallon with prices rising. The cheapest gas is $1.93 per gallon at Circle K located at 2166 Pleasant Aveneu and Belle Avenue in Hamilton.

In the Springfield area, the average gas price is $2.07 per gallon with prices rising. The cheapest gas is $2.07 per gallon at Marathon located at 4000 Springfield-Xenia Road near Sparrow Road in Springfield.

EARLIER REPORT

DAYTON — Average retail gasoline prices in Dayton have fallen 9.9 cents per gallon in the past week, averaging $2.14 per gallon on Sunday, according to GasBuddy's daily survey of 391 gas outlets in Dayton.

This compares with the national average that has fallen 3.7 cents per gallon in the last week to $2.34 per gallon, according to gasoline price website GasBuddy.com.

"Gasoline prices in much of the country are eroding at a time of year when such a downward fall is anything but par for the course,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. "Prices now lay on the fringe of falling under the same point as last year as this year's usual spring rally has been the weakest in recent memory.”

Including the change in gas prices in Dayton during the past week, prices yesterday were 2.3 cents per gallon lower than the same day one year ago and are 27.2 cents per gallon lower than a month ago. The national average has decreased 5.6 cents per gallon during the last month and stands 12.5 cents per gallon higher than this day one year ago.

The average price for a gallon of gas in Dayton on Monday morning is $2.13 with prices falling, according to GasBuddy.com. The cheapest gas is $2.00 per gallon at Marathon located at 8811 North Dixie Drive and Little York Road.

In the Hamilton area, the average gas price is $2.15 per gallon with prices falling. The cheapest gas is $1.99 per gallon at Speedway located at 3450 Tylersville Road and SR 4 Bypass in Hamilton.

In the Springfield area, the average gas price is $2.13 per gallon with prices falling. The cheapest gas is $2.15 per gallon at BP located at 2250 North Limestone Street and East Home Road in Springfield.

“Factors playing a role: weak demand and strong production, which continue to weigh on OPEC's output cut last November designed to cause prices to rise,” DeHaan said. “The recent drop in crude oil is posing a much more serious threat and OPEC must soon decide how much market share it will sacrifice to keep oil prices higher- clearly the last cut just isn't enough.

“But while oil remains in focus, U.S. refiners have concluded maintenance season and may soon sputter due to inventories that are bulging with weak gasoline demand the story thus far in 2017, leaving gasoline prices in a weak state- perfect for motorists planning summer road trips."

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