Fuel Market Report

Our fuel market report provides you with up to date information about our most recent market.

Fuel Market Report: Feb 4th, 2024 – Feb 10th, 2024 150 150 Star Oilco

Fuel Market Report: Feb 4th, 2024 – Feb 10th, 2024

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Oregon Fuel Price Variance

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Fuel Market News

The diesel market experienced spikes throughout the week, as the market closed $0.20 higher on Friday from its opening OPIS rack average of $3.48. Gasoline prices fluctuated upwards as prices rose $0.08 to end the week. Oil prices increased this week going from $72/barrel to $76/barrel. This price increase could likely be partly responsible for the uptick in diesel prices. As we approach March, fuel prices are likely to continue their price hike into Spring.

 

Reasons For Lower Prices:

Crude oil is trading below $80 for the fifth straight week at a current price of $76.21/barrel. $2.00 higher than last week, as oil prices trended upward for the second week straight.

Crude oil is the main ingredient for gasoline and diesel. Per AAA, on average about 50% of what you pay at the pump is the price of crude oil, breaking down as 25% refining, 11% distribution & marketing, and 14% taxes—a helpful breakdown for consumers wondering why they are paying the prices that they pay. Crude Oil is trading at $76 per barrel compared to $72 last week and $89 a year ago.

It’s essential to recognize that fuel prices result from a complex interplay of the factors mentioned above and other factors regionally. Additionally, prices may vary by specific regions within Oregon and Washington. For the most precise and up-to-date information on fuel prices and the causes for these price changes within your area, use the links below for AAA & GasBuddy.

If you have any questions, feel free to contact Star Oilco and speak to one of our fuel market advisors to discuss how the market can impact your business.

For other news in the fuel market:

https://gasprices.aaa.com/?state=OR

Join the Fuel Market Report newsletter for your weekly fill of updates!

January 2024 Fuel Market Recap 150 150 Star Oilco

January 2024 Fuel Market Recap

January 2024 Fuel Market Recap for Portland, Oregon

  • Stable oil prices: Unlike previous years, oil prices remained relatively stable in January 2024 globally, impacting local markets like Portland. This stability stemmed from:
    • Increased oil production from the Americas.
    • Weaker economic growth globally, leading to lower demand.
    • Ongoing geopolitical tensions with limited impact on supply chains.
  • Gradual price increase: Despite stability, experts predicted a gradual increase in fuel prices starting in March 2024

Review the January 2024 recap on the Fuel Market for the United States, As Well As Key Factors Affecting Fuel Prices and Predictions for February 2024, on our website.

The average price of a gallon of regular unleaded gasoline in Portland, Oregon, was $4.61 on November 30, 2023, up from $4.44 on November 1, 2023. This represents a 3.6% increase over the month.

January 2024 Fuel Market Recap for United States

Overall stability: January 2024 saw continued fuel price stability compared to December 2023.

Crude oil: Prices remained relatively stable compared to previous years, averaging around $75 per barrel.

Gasoline: Average retail price hovered around $3.30 per gallon, slightly lower than December 2023.

Diesel: Prices stayed consistent with December 2023, ranging from $3.70 to $3.90 per gallon.

Natural gas: Prices fluctuated throughout the month but ended within the same range as December 2023, around $2.50-$3.00 per MMBtu.

Key influencing factors

Stable global oil production: Increased production from the Americas balanced global demand.

Weaker global economic growth: Lowered demand for crude oil and refined products.

Geopolitical tensions: Although ongoing, their impact on oil supply chains was limited in January.

Seasonal demand: Winter weather in January did not reach extreme levels, impacting natural gas demand less than expected.

Regional variations:

Fuel prices can vary significantly between regions due to factors like taxes, transportation costs, and refinery capacity.

For specific regional variations, it’s crucial to consult resources like:

Local news reports: Articles mentioning fuel prices in your area.

Industry publications: Trade publications related to specific fuel types might offer regional reports.

Fuel delivery companies: Contacting local providers for localized insights and January-specific details.

Predictions for February 2024

While unexpected events like geopolitical shifts or extreme weather conditions can always influence fuel prices, it appears that most experts predict continued stability in crude oil prices throughout February, barring unforeseen events. This could translate to stable or slightly fluctuating fuel prices across the US. Some analysts foresee a gradual price increase starting in March 2024, which could potentially impact February prices to a minor extent.

Exploring Options for Sustainable Fuels

While gasoline and diesel remain dominant players, venturing into the world of alternative energy sources offers exciting possibilities.

Reduced Carbon Footprint

Biodiesel, derived from renewable resources like plants or used cooking oil, boasts a significantly lower carbon footprint compared to conventional diesel. Renewable energy sources like solar and wind power eliminate greenhouse gas emissions altogether, contributing to a cleaner planet.

Diversifying Your Fuel Mix

Dependence on a single fuel source presents vulnerability to price fluctuations and supply disruptions. Embracing alternative options fosters energy security by reducing reliance on fossil fuels and opening doors to diverse, domestic energy sources.

Long-Term Gains

While initial setup costs for renewable energy systems might be higher, long-term benefits outweigh them. Biodiesel can offer price parity with diesel in some regions, and renewable energy costs are steadily declining.

Start Small, Experiment, and Adapt

Gradually incorporate alternative fuels or renewable energy sources into your operations. Learn from experience and adjust your approach as needed.

Remember, the transition to a sustainable fuel future is an ongoing process. By exploring options like biodiesel and renewable energy, we can power our world responsibly, ensuring a more secure and environmentally friendly future for generations to come. Feel free to contact one of our fuel experts at Star Oilco to discuss how renewable fuels can benefit your operations.

JOIN THE FUEL MARKET REPORT NEWSLETTER FOR YOUR WEEKLY FILL OF UPDATES!

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Fuel Market Report: Jan 28th, 2024 – Feb 3rd, 2024 150 150 Star Oilco

Fuel Market Report: Jan 28th, 2024 – Feb 3rd, 2024

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Oregon Fuel Price Variance

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Fuel Market News

Fuel prices across the board had minor variance with no real significant impact on the market with price changes between $0.01-$0.03 for both gas and diesel. This is common for this time of year, as fuel prices hit their yearly lows and begin to rebound, gauging overall demand. Drivers are still enjoying relatively low fuel prices in February, but this won’t last for long as prices will likely begin to climb in March and onward into the spring season. Oil prices dropped significantly this week going from $78/barrel to $72/barrel. Although the market has yet to see any of this heavily affect prices at the pump.

 

Reasons For Lower Prices:

Crude oil is the main ingredient for gasoline and diesel. Per AAA, on average about 50% of what you pay at the pump is the price of crude oil, breaking down as 25% refining, 11% distribution & marketing, and 14% taxes—a helpful breakdown for consumers wondering why they are paying the prices that they pay. Crude Oil is trading around $72 per barrel compared to $78 last week and $89 a year ago.

It’s essential to recognize that fuel prices result from a complex interplay of the factors mentioned above in addition to other factors regionally. Additionally, prices may vary by specific regions within Oregon and Washington. For the most precise and up-to-date information on fuel prices and the causes for these price changes within your area, it is advisable to consult local news outlets, government energy agencies, or industry reports.

If you have any questions, feel free to contact Star Oilco and speak to one of our fuel market advisors to discuss how the market can impact your business.

For other news in the fuel market:

https://gasprices.aaa.com/?state=OR

Join the Fuel Market Report newsletter for your weekly fill of updates!

Fuel Market Report: Jan 21st, 2024 – Jan 27th, 2024 150 150 Star Oilco

Fuel Market Report: Jan 21st, 2024 – Jan 27th, 2024

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Oregon Fuel Price Variance

Fuel Market News

Pump prices varied throughout the week, spiking in the middle of the week and coming back towards the end of the week with no real significance to the overall market. OPIS wholesale rack averages increased over $0.05 across the board for E10, B5 & B20. While the national average increased by just $0.03. As most analysts predicted, the market is beginning to rise incrementally. Gas is still $0.40 cheaper than it was last year, which should stay consistent across the next few weeks. With spring on the horizon, it is likely that traveling trends will increase which will increase the demand for fuels in most regions. The market is still relatively low for the time being, making it a great time to fill up your bulk tanks before March.

 

 

Reasons For Lower Prices:

Crude oil is trading below $80 for the fourth straight week at a current price of $78.38/barrel. $5.00 higher than last week, as oil prices trended upward for the second week straight.

Crude oil is the main ingredient for gasoline and diesel. Per AAA, on average about 50% of what you pay at the pump is the price of crude oil, breaking down as 25% refining, 11% distribution & marketing, and 14% taxesa helpful breakdown for consumers wondering why they are paying the prices that they pay. Crude Oil is trading around $78 per barrel compared to $73 last week and $89 a year ago.

It’s essential to recognize that fuel prices result from a complex interplay of the factors mentioned above in addition to other factors regionally. Additionally, prices may vary by specific regions within Oregon and Washington. For the most precise and up-to-date information on fuel prices and the causes for these price changes within your area, it is advisable to consult local news outlets, government energy agencies, or industry reports.

If you have any questions, feel free to contact Star Oilco and speak to one of our fuel market advisors to discuss how the market can impact your business.

For other news in the fuel market:

https://gasprices.aaa.com/?state=OR

Join the Fuel Market Report newsletter for your weekly fill of updates!

Fuel Market Report: Jan 14th, 2023 – Jan 20th, 2023 150 150 Star Oilco

Fuel Market Report: Jan 14th, 2023 – Jan 20th, 2023

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Oregon Fuel Price Variance

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Fuel Market News

The wholesale market experienced slight increases for both gas and diesel while the retail market saw a drop of over $0.10 for both gas and diesel in Washington & Oregon. Drivers have enjoyed relatively low fuel prices the past two months but should not expect this to continue, as prices will trend upwards towards the end of February. With winter storms across the nation, some refineries may have slowed activity which could lead to higher fuel prices in certain regions.

 

Crude oil is trading below $75 for the fifth straight week at a current price of $73.16/barrel. $.60 higher than it was last week, as oil prices trended upward for the first time in weeks.

Crude oil is the main ingredient for gasoline and diesel. Per AAA, on average about 50% of what you pay at the pump is the price of crude oil, breaking down as 25% refining, 11% distribution & marketing, and 14% taxesa helpful breakdown for consumers wondering why they are paying the prices that they pay. Crude Oil is trading around $73 per barrel compared to $71 last week and $89 a year ago.

It’s essential to recognize that fuel prices result from a complex interplay of the factors mentioned above in addition to other factors regionally. Additionally, prices may vary by specific regions within Oregon and Washington. For the most precise and up-to-date information on fuel prices and the causes for these price changes within your area, it is advisable to consult local news outlets, government energy agencies, or industry reports.

If you have any questions, feel free to contact Star Oilco and speak to one of our fuel market advisors to discuss how the market can impact your business.

For other news in the fuel market:

https://gasprices.aaa.com/?state=OR

Join the Fuel Market Report newsletter for your weekly fill of updates!

Fuel Market Report: Jan 7th, 2023 – Jan 13th, 2023 150 150 Star Oilco

Fuel Market Report: Jan 7th, 2023 – Jan 13th, 2023

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Oregon Fuel Price Variance

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Fuel Market News

Despite predictions of the market “bottoming out” concerning price variances, the wholesale market continued to drop this week, experiencing a simultaneous decrease of $0.10 for diesel and gasoline. Winter storms across multiple regions along with post-holiday travel declines are some of the largest contributions to the current decreased demand for fuel. “The drop in demand along with an increase in gasoline supplies is leading to decreases at the pumps,” says AAA public affairs director. We will likely begin to see an increased price for diesel over the coming months into March.

 

Crude oil is trading below $75 for the fourth straight week at a current price of $72.74/barrel. $1.20 higher than it was last week, as oil prices trended upward for the first time in weeks.

Crude oil is the main ingredient for gasoline and diesel. Per AAA, on average about 50% of what you pay at the pump is the price of crude oil, breaking down as 25% refining, 11% distribution & marketing, and 14% taxes—a helpful breakdown for consumers wondering why they are paying the prices that they pay. Crude Oil is trading around $72 per barrel compared to $74 last week and $91 a year ago.

It’s essential to recognize that fuel prices result from a complex interplay of the factors mentioned above in addition to other factors regionally. Additionally, prices may vary by specific regions within Oregon and Washington. For the most precise and up-to-date information on fuel prices and the causes for these price changes within your area, it is advisable to consult local news outlets, government energy agencies, or industry reports.

If you have any questions, feel free to contact Star Oilco and speak to one of our fuel market advisors to discuss how the market can impact your business.

For other news in the fuel market:

https://gasprices.aaa.com/?state=OR

Join the Fuel Market Report newsletter for your weekly fill of updates!

Fuel Market Report: Dec 31st, 2023 – Jan 6th, 2023 150 150 Star Oilco

Fuel Market Report: Dec 31st, 2023 – Jan 6th, 2023

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Oregon Fuel Price Variance

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Fuel Market News

The first week of January brought lower fuel prices for wholesale buyers. Wholesale fuel prices dropped $0.10 for gasoline and $0.07 for diesel, while the retail market was mostly unchanged, dropping just $0.01 for both gas and diesel. Prices should remain at these levels for the foreseeable future, as crude oil is still hovering just above $70/barrel with no major production cuts being announced for the months ahead.

Reasons For Lower Prices:

  • Oil prices under $71, currently $70/barrel
  • Winter Fuel Blend

Crude oil is trading below $73 for the fourth straight week at a current price of $70.49/barrel. $0.04 lower than it was last week, as trends continue downwards. A major factor in why fuel prices have continued to drop.

Crude oil is the main ingredient for gasoline and diesel. Per AAA, on average about 50% of what you pay at the pump is the price of crude oil, breaking down as 25% refining, 11% distribution & marketing, and 14% taxes—a helpful breakdown for consumers wondering why they are paying the prices that they pay. Crude Oil is trading around $72 per barrel compared to $74 last week and $91 a year ago.

It’s essential to recognize that fuel prices result from a complex interplay of the factors mentioned above in addition to other factors regionally. Additionally, prices may vary by specific regions within Oregon and Washington. For the most precise and up-to-date information on fuel prices and the causes for these price changes within your area, it is advisable to consult local news outlets, government energy agencies, or industry reports.

If you have any questions, feel free to contact Star Oilco and speak to one of our fuel market advisors to discuss how the market can impact your business.

It’s essential to recognize that fuel prices result from a complex interplay of the factors mentioned above in addition to other factors regionally. Additionally, prices may vary by specific regions within Oregon and Washington. For the most precise and up-to-date information on fuel prices and the causes for these price changes within your area, it is advisable to consult local news outlets, government energy agencies, or industry reports.

If you have any questions, feel free to contact Star Oilco and speak to one of our fuel market advisors to discuss how the market can impact your business.

For other news in the fuel market:

https://gasprices.aaa.com/?state=OR

Join the Fuel Market Report newsletter for your weekly fill of updates!

Fuel Market Report: Dec 3rd, 2023 – Dec 9th, 2023 150 150 Star Oilco

Fuel Market Report: Dec 3rd, 2023 – Dec 9th, 2023

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Oregon Fuel Price Variance

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Fuel Market News

Fuel prices continue to drop as we roll into December. Prices are down for gas and diesel in Oregon and Washington for the fourth week straight. The average gasoline price in Oregon dropped below $4/gal, although it is rare to see prices this low in the Portland area. Trends are expected to continue downward, as we officially enter the winter season on December 21st.

Reasons For Lower Prices:

  • Decreased demand for gasoline
  • Oil prices under $75, currently $72/barrel
  • Winter Fuel Blend

Crude oil is trading below $75 for the second straight week at a price of $71.40. $2 lower than it was last week, as trends continue downwards. A major factor in why fuel prices have continued to drop. OPEC+ announced last week they will cut oil production temporarily which may affect crude prices over the next few weeks.

Crude oil is the main ingredient for gasoline and diesel. Per AAA, on average about 50% of what you pay at the pump is the price of crude oil, breaking down as 25% refining, 11% distribution & marketing, and 14% taxes—a helpful breakdown for consumers wondering why they are paying the prices that they pay. Crude Oil is trading around $72 per barrel compared to $74 last week and $91 a year ago.

It’s essential to recognize that fuel prices result from a complex interplay of the factors mentioned above in addition to other factors regionally. Additionally, prices may vary by specific regions within Oregon and Washington. For the most precise and up-to-date information on fuel prices and the causes for these price changes within your area, it is advisable to consult local news outlets, government energy agencies, or industry reports.

If you have any questions, feel free to contact Star Oilco and speak to one of our fuel market advisors to discuss how the market can impact your business.

For other news in the fuel market:

https://gasprices.aaa.com/?state=OR

Join the Fuel Market Report newsletter for your weekly fill of updates!

November 2023 Fuel Market Recap 150 150 Star Oilco

November 2023 Fuel Market Recap

November 2023 Fuel Market Recap for Portland, Oregon

Gasoline

The average price of a gallon of regular unleaded gasoline in Portland, Oregon, was $4.61 on November 30, 2023, up from $4.44 on November 1, 2023. This represents a 3.6% increase over the month.

Diesel

The average price of a gallon of diesel in Portland, Oregon, was $5.75 on November 30, 2023, up from $5.48 on November 1, 2023. This represents a 4.6% increase over the month.

Natural Gas

The average price of natural gas in Portland, Oregon, was $7.07 per million British thermal units (MMBtu) on November 30, 2023, up from $6.71 on November 1, 2023. This represents a 5.1% increase over the month.

November 2023 Fuel Market Recap for United States

Declining gasoline prices:

The national average for regular gasoline dropped by 5.1 cents per gallon compared to October, reaching $3.238 per gallon by the end of the month. This decline was driven by several factors, including increased refinery production, lower crude oil prices, and weaker demand due to seasonal factors.

Stable diesel prices:

Unlike gasoline, diesel prices remained relatively stable throughout November, fluctuating within a narrow range. The national average for diesel ended the month at $3.713 per gallon, just 0.2 cents higher than October.

Mixed natural gas market:

The natural gas market saw some volatility in November. Prices initially rose due to colder weather and increased demand for heating, but later retreated as temperatures moderated and storage levels remained above the five-year average.

Key Factors Affecting Fuel Prices

Global Oil Prices

The price of crude oil is the main driver of gasoline and diesel prices. Global oil prices were volatile in November, with the Brent crude oil benchmark trading between $76 and $92 per barrel.

Refinery Capacity

The availability of refining capacity is another important factor affecting fuel prices. Refinery capacity is currently tight, which is putting upward pressure on prices.

Seasonal Demand

Demand for gasoline and diesel typically increases in the winter months as people use more fuel for heating and transportation. This can also put upward pressure on prices.

Predictions for December 2023

Gasoline

Gasoline prices are expected to remain relatively stable in December, with the average price in Portland staying between $4.50 and $4.75 per gallon.

Diesel

Diesel prices are also expected to remain relatively stable in December, with the average price in Portland staying between $5.60 and $5.80 per gallon.

Natural Gas

Natural gas prices are expected to increase slightly in December, with the average price in Portland reaching between $7.30 and $7.50 per MMBtu.

Tips for Saving Money on Fuel

Drive less

This is the most effective way to save money on fuel. If you can carpool, take public transportation, or walk or bike instead, you can significantly reduce your fuel costs.

Drive efficiently

When you do drive, make sure you are driving efficiently. This includes following the speed limit, avoiding hard braking and acceleration, and using cruise control whenever possible.

Shop around for the best gas prices

Gas prices can vary significantly from station to station. Before filling up, take a few minutes to compare prices at different stations.

Consider using a fuel card

A fuel card can help you track your fuel spending and identify areas where you can save money.

Take advantage of fuel discounts

Some credit cards, loyalty programs, and employers offer discounts on fuel. Look for ways to take advantage of these offers.

JOIN THE FUEL MARKET REPORT NEWSLETTER FOR YOUR WEEKLY FILL OF UPDATES!

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Fuel Market Report: Nov 26th, 2023 – Dec 2nd, 2023 150 150 Star Oilco

Fuel Market Report: Nov 26th, 2023 – Dec 2nd, 2023

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Oregon Fuel Price Variance

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Fuel Market News

Prices drops were very moderate this past week, as prices across the board did not drop more than $0.10. Although the average retail price in Oregon for gasoline is expected to drop below $4, it is uncommon to see prices that low in the Portland area. The wholesale market has continued to drop with prices down $0.20 from previous weeks. Many analysts say that this is a result of the lower prices of oil over the last month, helping keep prices low at the pump. Washington’s fuel prices are still hovering over $4.30 for gasoline and over $5 for diesel. Significantly higher than the average prices throughout Oregon. Oregon also announced a new fuel tax coming onto the market in the new year which will add $0.02/gallon of fuel sold, effective Jan 1st, 2024.

Key Reasons For Lower Prices:

  • Oil Market Trending Downward
  • Oil prices under $75, currently $73/barrel
  • Winter Fuel Blend

Crude oil is still trading below $80 for the fourth straight week at a current price of $73.49. This is $1 lower than it was last week, a good sign for fuel prices across the nation.

Crude oil is the main ingredient for gasoline and diesel. Per AAA, on average about 50% of what you pay at the pump is the price of crude oil, breaking down as 25% refining, 11% distribution & marketing, and 14% taxes—a helpful breakdown for consumers wondering why they are paying the prices that they pay. Crude Oil is trading around $78 per barrel compared to $83 last week and $89 a year ago.

It’s essential to recognize that fuel prices result from a complex interplay of the factors mentioned above in addition to other factors regionally. Additionally, prices may vary by specific regions within Oregon and Washington. For the most precise and up-to-date information on fuel prices and the causes for these price changes within your area, it is advisable to consult local news outlets, government energy agencies, or industry reports.

If you have any questions, feel free to contact Star Oilco and speak to one of our fuel market advisors to discuss how the market can impact your business.

For other news in the fuel market:

https://gasprices.aaa.com/?state=OR

Join the Fuel Market Report newsletter for your weekly fill of updates!