Fuel Market Report

Fuel prices are up this week across the board as diesel and gas prices increased by over $0.20/gal. Rack averages in Portland jumped $0.24/gal for regular E10 gasoline, and $0.30/gal for B5 & B20 diesel. These price increases also hit the retail market, with prices up $0.13/gal on the AAA average. Crude oil is just above $60/barrel for WTI crude, up $2/barrel from the previous week. This is the highest increase in crude oil pricing we have seen in multiple weeks and is partially responsible for why prices jumped so significantly this week.

Fuel prices are up this week across the board as diesel and gas prices increased by over $0.10/gal. Rack averages in Portland jumped $0.13/gal for regular E10 gasoline, and $0.20/gal for B5 & B20 diesel. Oregon is still within the top 10 states for the highest fuel costs for January, with a current average price of $3.33. Although the average in Portland is significantly higher at $3.65/gal. Fuel prices should continue to maintain at their current price levels until April/May, when the switch back to summer blends of fuel begins to come back into the market. Crude oil is still hovering just below $60/barrel for WTI crude, which is contributing to the maintained lower fuel prices.

Fuel prices are down this week compared to the week prior, as crude oil prices are still hovering just below $60/barrel and crude oil supply is in a global surplus. On January 3rd, the U.S carried out an operation which led to the capture of Venezuelan President, Nicolas Maduro. After the operation, global headlines stirred across the globe with reports on oil prices and quantities. Although headlines were plentiful, the overall impact on the global oil market was minimal. Venezuela currently accounts for less than 1% of the global supply at less than 1 Mbpd. The reports that the U.S will assume all of Venezuela’s crude oil supply are not confirmed. Any investments made into Venezuela’s oil sector will require upwards of billions of dollars and multiple years to yield any real results. 

Fuel prices took another big dip this week, as prices dropped over $0.15/gal on gas and diesel. Rack averages in Portland dropped $0.16/gal for E10 gasoline, $0.22/gal for B5 & B20 diesel, and $0.26/gal for R99 Renewable diesel. Although these pricing drops are a bit extreme, they were somewhat expected after the Olympic Pipeline came back to operational status. Fuel prices are reaching their annual lows for the year and were on their way there before the pipeline supply interruption. The retail market is beginning to follow as the average retail price for gasoline is down $0.10/gal nationwide. WTI Crude is also reaching an annual low at a current price per barrel of $55.21.  

Fuel prices dipped this past week in Portland, as rack averages for gasoline had its biggest single-week price drop this year, of over $0.30/gal. This comes on the heels of the Olympic pipeline getting back to operational status after a 10-day shutdown in the weeks before. Fuel prices across the board have dropped this past week, as rack averages for diesel were also down $0.04/gal. Surprisingly, these price dips have yet to hit the retail street market, as the retail fuel prices are still relatively high at a current average of $3.84/gal & $4.38/gal for diesel. We should see prices continue to fall on the wholesale market as oil prices are low, inventories are high, and demand has been consistent.

Fuel prices jumped again this week due to the shutdown of the Olympic Pipeline. Supply of gasoline was very tight throughout the PNW over the holiday week due to the Pipeline shutdown. Rack averages for E10 in Portland jumped over $0.09/gal while rack averages for B5 & B20 diesel jumped $0.05/gal. As of 12/01, the Pipeline is back to full operation and is supplying throughout the PNW. With the pipeline back in operation, WTI crude being below $60/barrel, and the winter blend of fuel on the market, fuel prices should fall slightly this week and continue to do so in the weeks ahead. The national average price for gasoline reached its lowest point since 2021 last week at $2.83/gal, although prices are still quite a bit higher in Washington, Oregon & California—still, a good sign for fuel prices in the weeks ahead.

Fuel prices rose this week, as prices are up on both gas and diesel. Rack averages in Portland for E10 gasoline jumped $0.07/gal, while diesel jumped $0.05/gal. Just as fuel prices hit their annual lows, the Olympic Pipeline reported leaks near Everett, Washington, which caused BP to shut down sections of the pipeline. This will likely put a bottleneck on the supply of gas and diesel throughout the PNW, as prices will likely jump significantly over the next few days and continue to remain high for the following weeks. This comes at a less-than-ideal time for commuters, as fuel prices were expected to remain low rolling into December and the holiday season. With Thanksgiving approaching next week, the demand for fuel will continue to rise as the supply experiences temporary bottlenecks.  

Fuel prices dropped across the board this week, with gas and diesel prices down. It was the first week in 2 months where wholesale prices dropped while retail prices increased. Wholesale rack averages dropped $0.03/gal for E10 gasoline, and over $0.15/gal for B5 & B20 diesel. The government shutdown has seemingly come to an end with a vote from the Senate last night to continue funding and operating the government. This has calmed many worries within the market as the shutdown was the longest recorded in history.  With the government back in session, we may see prices continue to fall as fears of a continued shutdown are fading within the market. Crude Oil prices are hovering just about $60/barrel for WITI crude, as prices have risen slightly over the last two weeks.

Fuel prices varied this week as gas prices dropped, and diesel prices did not move. Rack averages for E10 in Portland dropped $0.02/gal, while rack averages for diesel did not change. This is the third week in a row that gas prices have dropped, signally the seasonal trend of fuel prices reaching their lowest price points of the year. Prices should continue to taper off and drop slightly week to week, as demand is lower during this time of year. Crude Oil is floating just above $60/barrel, which has contributed to lower fuel prices across the PNW and most of the nation. Recent sanctions on Russian Oil from the UK and the U.S. have put a dent in Russia’s Crude deliveries across China, India & Turkey, as Russia struggles to find buyers for their crude volumes.

Fuel prices varied this past week as gas prices dropped and diesel prices jumped slightly. Rack averages decreased $0.07/gal for E10 gasoline, and increased $0.01/gal on B5, B20 & R99 diesel blends. This is the first time in four weeks that both the rack averages and retail averages drop in the same week, as the retail average for gasoline also dropped $0.04/gal. Gas prices should continue to fall in the weeks ahead as we continue into the Fall & Winter season and fuel prices hit their lowest price levels for the year. Crude Oil prices jumped back to over $60/barrel after hitting their lowest price in three years at $57.29/barrel last week.