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Gas prices down two cents

STAFF REPORTS


Today’s national average price for a gallon of gasoline is $2.77, down two cents from last week, according to AAA of Western and Central New York. One year ago, the price was $2.84. The New York State average is $2.89 – no change from last week. A year ago, the NYS average was $3.00.

AAA of Western and Central New York reports the following local prices:

  • Batavia - $2.84 (no change since last week)
  • Buffalo - $2.85 (down a penny since last week)
  • Rochester - $2.83 (down one cent since last week)

Pump prices are stabilizing signaling that supply and demand are likely in sync so motorists are seeing prices level out.At the close of Friday’s formal trading session on the NYMEX, WTI increased by 33 to settle at $55.63. Crude prices mostly declined last week after the International Energy Agency (IEA) announced that it does not expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets. The IEA is reducing its 2019 oil demand growth forecast to 1.1 million barrels per day (bpd) from 1.2 million bpd due to a slowing global economy amid the continuing U.S.-China trade dispute. Concerns over the current excess of oil in the crude market overshadowed concerns of increasing tension in the Middle East last week though tensions in the Middle East spiked at the end of last week so analysts will continue to monitor issues there.


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