• February 10, 2024

January 2024 Fuel Market Recap

January 2024 Fuel Market Recap

January 2024 Fuel Market Recap 1024 697 Star Oilco

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.