Latest news with #GasBuddy
Yahoo
an hour ago
- Automotive
- Yahoo
Gas prices fall across state, stay same in Meadville area
Average gasoline prices in Pennsylvania dipped by 3.4 cents per gallon over the past week to average $3.20 Monday while prices in Meadville remained unchanged at $3.50. According to GasBuddy's survey of 5,269 stations in Pennsylvania, prices are 8 cents per gallon lower than a month ago and 46.3 cents per gallon lower than a year ago. The station in Pennsylvania with the cheapest gas had it priced at $2.69 Monday while the most expensive was $4.39. The national average price of gasoline has fallen 1.8 cents per gallon in the last week, averaging $3.07. The national average is down 5.2 cents per gallon from a month ago and is 32.8 cents per gallon lower than a year ago. 'Average gas prices declined in nearly all states over the last week as refineries ramped up output and gasoline supplies surged,' said Patrick De Haan, head of petroleum analysis at GasBuddy. 'While a few states experienced price cycling — a pattern where prices drop sharply and then spike every couple of weeks — the overall gentle downward trend is typical as summer progresses. If oil prices continue to rise gradually, it could eventually impact gas prices, but for now, we likely won't see any major shifts at the pump in most areas this week.' Prices from around the region: • Andover, Ohio: Average price is $2.98 per gallon. • Ashtabula, Ohio: Prices as low as $3.04 per gallon. • Conneaut Lake: Average price is $3.49 per gallon. • Edinboro: Average price is $3.49 per gallon. • Erie: Average price is $3.11 per gallon, with prices as low as $2.89. • Mercer: Average price is $3.41 per gallon. • New Castle: Average price is $3.28 per gallon. • Oil City: Average price is $3.43 per gallon. • Pittsburgh: Average price is $3.42 per gallon. • Warren: Average price is $3.70 per gallon. • Waterford: Prices as low as $3.09 per gallon.
Forbes
5 hours ago
- Business
- Forbes
Gas Prices Are Under $3 In Half Of U.S. States—Here's Why That Likely Won't Last
The average price for a gallon of regular gas has dropped below $3 in 25 states as of Sunday, though the escalating conflict between Israel and Iran in the Middle East could soon lead to higher prices, some industry analysts say. Israel launched attacks on Iran last week, raising concerns among investors about disruptions to the ... More global oil trade. American drivers are paying about $3.13 for a gallon of gas on average as of Sunday, with prices below $3 in 25 states, including the lowest per-gallon average of $2.66 in Mississippi, according to AAA data. Oil prices rose last Friday after Israel attacked Iran: The West Texas Intermediate, a national benchmark for crude oil, surged by more than 7.2% to $72.98 per barrel while the global benchmark, Brent Crude, rose by 7% to $74.23 per barrel. Patrick de Haan, GasBuddy's head petroleum analyst, said he expects national gas prices to increase between five and 15 cents 'over the next week or two' in response to rising oil prices and Israel's conflict with Iran, after earlier estimating an increase by as much as 25 cents per gallon. Oil prices could rise even farther if Israel and Iran's conflict escalates, Ramanan Krishnamoorti, a petroleum engineer professor at the University of Houston, told ABC News, suggesting oil prices could substantially spike (up to $120 per barrel) if Iran's oil infrastructure is damaged. If oil prices reached $120 per barrel, gas prices could increase to around $5.13 per gallon, Krishnamoorti said. States in the western U.S. have the most expensive gas on average, according to AAA. California ranks highest, with an average price of $4.65 per gallon, followed by Hawaii ($4.47), Washington ($4.37) and Oregon ($3.98). Richard Joswick, head of near-term oil analysis at S&P Global Commodity Insights, said in an investor note Friday that an increase in gas prices likely won't last long. A spike in gas prices after Israel and Iran last traded strikes in October 2024 was short-lived, Joswick said, though he noted the conflict at the time did not significantly escalate 'and had no impact on oil supply.' 'We're ready to act,' Fatih Birol, executive director of the International Energy Agency, wrote Friday, adding the organization is 'actively monitoring' the Iran-Israel conflict and has over 1.2 billion barrels of emergency oil in stockpiles. OPEC+ opposed Birol's statement, writing on X it 'raises false alarms and projects a sense of market fear through repeating the unnecessary need to potentially use oil emergency stocks.' About one-fifth of the world's oil supply passes through the Strait of Hormuz between Oman and Iran, according to U.S. Energy Information Administration data from 2023. Gas prices have fluctuated in the U.S. as tensions have escalated in the Middle East over the last year. Israel's war with Hamas, Russia's invasion of Ukraine and Israel's latest attacks on Iran have factored into a spike in oil prices. It's unclear whether Israel's conflict with Iran will deescalate soon, despite President Donald Trump signaling both countries 'should make a deal, and will make a deal.' Israeli Prime Minister Benjamin Netanyahu has suggested Israel's military campaign would intensify, following reports that Israel had targeted Iran's oil and gas industry for the first time, though it's unclear whether the attacks have disrupted oil production or infrastructure.
Express Tribune
a day ago
- Business
- Express Tribune
Diesel most exposed to Mideast conflict
Listen to article US ultra-low sulphur diesel futures hit the highest level since February, outpacing gains in oil and gasoline as analysts warned that diesel supply is the most exposed to the conflict in the Middle East. Israel on Friday launched the biggest-ever direct attack on Iran and said the huge wave of airstrikes was only the start of its campaign. Iran has since launched retaliatory strikes, with explosions heard over Tel Aviv and Jerusalem. Crude oil futures jumped about 7% as analysts worried Iran's response could include a blockade of the Strait of Hormuz, through which a fifth of global oil supplies traverses. Diesel futures jumped even more, surging about 8% for their biggest single-day gains since April 2022. Diesel outperformed because the conflict's biggest impact is expected to be on the supply of medium heavy-sour crude grades, which are better suited for production of distillate fuels, StoneX oil analyst Alex Hodes said. The Middle East is also a major export hub for distillate fuels like diesel, gasoil and jet fuel, said Matias Togni, analyst at oil market insights firm Next Barrel. The conflict could impact liquefied natural gas (LNG) flows within the region and lead to higher diesel and fuel oil consumption for power generation, with Egypt already showing signs of such a switch, Togni said. Combined diesel, gasoil and jet fuel exports from the Middle East averaged 1.76 million barrels per day in May, close to 2% of total world oil consumption, according to Kpler data. Retail spike to follow Existing inventories for diesel are already low, adding to concerns that the conflict will lower Middle East diesel exports and global production, said StoneX's Hodes. US inventories of diesel and heating oil stood at 108.9 million barrels in the week ended June 6, about 15% below the past five years' average, US Energy Information Administration (EIA) data showed. Combined with the surge in crude oil prices, those tight inventories are likely to cause a 10-to-30-cent a gallon surge in retail diesel prices in the US over the next two weeks, GasBuddy analyst Patrick De Haan said. By contrast, US gasoline stocks were slightly above the five-year average at 214.7 million barrels, the EIA data showed. GasBuddy is estimating a five-to-15-cent per gallon jump in US gasoline prices over the coming weeks. US gasoline futures rose 8.47 cents to settle at $2.2276 a gallon on Friday, while ULSD futures rose 17 cents to settle at $2.3587 a gallon. Traders pile into $80 oil bets Traders on Friday exchanged the most $80 West Texas Intermediate (WTI) crude oil call options since January, expecting more upside to prices after Israeli airstrikes on Iran sparked fears of a wider Middle East conflict. Call options grant the holder a right to buy futures contract at the pre-set price and date and a rise in volumes can help gauge market sentiment. About 33,411 contracts of August-2025 $80 call options for WTI crude oil were traded on Friday on a total trading volume of 681,000 contracts, marking the highest volume for these options this year, according to CME Group data The last time trading was this high for $80 call contracts was on January 10, with 17,030 February-2025 $80 call options traded on a total trading volume of 301,866 contracts. Oil prices jumped on Friday and settled 7% higher as Israel and Iran launched airstrikes, feeding investor worries that the combat could widely disrupt oil exports from the Middle East. US WTI crude finished at $72.98 a barrel, up $4.94, or 7.62%. During the session, the WTI jumped over 14% to its highest since January 21 at $77.62.
2 days ago
- Business
Israel-Iran conflict expected to hike US gas prices, experts say. Here's how much.
Oil prices soared on Friday as Israel and Iran exchanged attacks, making it all but certain that gasoline prices would rise for U.S. drivers within days, industry analysts told ABC News. The back-and-forth strikes stoked concern among investors about a possible wider conflict across the Middle East, which accounts for a large share of global oil production. The U.S. West Texas Intermediate futures price -- a key measure of U.S. oil prices -- surged more than 8% on Friday. Brent crude future prices, another top measure of oil prices, also climbed more than 8%. The jump in oil prices threatens to raise the price of gasoline for U.S. drivers, since crude oil makes up the top ingredient in car fuel. If oil prices remain at elevated levels, gas prices will likely rise modestly over the coming weeks, experts said. A much more severe price spike could result, however, in the event of an escalation that damages Iranian oil infrastructure or ensnares nearby oil-shipping routes, they added. Gas prices "will likely start to rise across much of the country later this evening in response to Israel's attacks on Iran, which have caused oil prices to surge," Patrick de Haan, the head of petroleum analysis at GasBuddy, said on Friday in a post on X. A typical gallon of gas could tick up between 10 and 25 cents, de Haan added. The average price of a gallon of gas currently stands at $3.13, AAA data shows. The price increase anticipated by de Haan would amount to a hike of up to nearly 8%. Such a price increase could prove short-lived, Richard Joswick, head of near-term oil analysis at S&P Global Commodity Insights, said on Friday in a note to investors. Joswick pointed to tit-for-tat Israeli and Iranian strikes last October, which spiked oil prices before a cooldown when both sides opted against escalation. "When Iran-Israel exchanged attacks last time, prices spiked, then fell once clear, not escalating and had no impact on oil supply," Joswick said. Iran launched dozens of ballistic missiles toward Israel on Friday night in retaliation for Israel's surprise attack early Friday. Israel struck at the heart of Iran's nuclear program, killing several nuclear scientists as well as high-ranking military leaders, according to Israeli officials. A further escalation of the conflict between Israel and Iran could send oil and gas prices significantly higher, said Ramanan Krishnamoorti, a professor of petroleum engineering at the University of Houston. While sanctions have constrained Iranian oil output in recent years, the nation accounts for about 3% of global oil output, Krishnamoorti said. Iran also asserts control over the passage of tankers through the Strait of Hormuz, a trading route that facilitates the transport of about 20% of global oil supply. Oil prices could surge from a current level of about $73 per barrel up to $120 per barrel if the Israel-Iran conflict damages Iranian oil infrastructure or impedes the passage of some oil tankers in the Strait of Hormuz, Krishnamoorti said. That scenario would amount to a more than 60% surge in oil prices, Krishnamoorti added, resulting in a proportionate hike for gas prices. The average price of a gallon of gas would climb from $3.13 to $5.13. "If we see any throttling back of the Strait of Hormuz, we'll see a massive increase in the price of oil, and that will impact everything in the U.S.," Krishnamoorti said. That forecast of a potential price spike for oil matched a prediction from asset management firm Lazard, which warned on Friday of a possible escalation involving "strikes on Gulf energy installations or attempts to temporarily close the Strait of Hormuz. "Such a scenario would trigger "price increases upwards of $120 per barrel," Lazard said in a memo to investors. The ultimate outcome remains unclear, Krishnamoorti said, noting the scale of price increases would depend on the extent of escalation. "We may have just seen the tip of the iceberg in terms of price hikes," Krishnamoorti said.
Yahoo
2 days ago
- Business
- Yahoo
Oil Shock Alert: Could Middle East War Send Crude to $120?
Brent crude spiked nearly 8% to $74.82 a barrel on Friday after Israel launched a strike on Iranbriefly rising over 10% in early tradingas markets rushed to price in the risk of a broader conflict in the world's most critical oil-producing region. While Israel has not targeted Iran's main export hub on Kharg Island, that option may still be on the table if the situation worsens. Iran, which exports between 1.5 to 2 million barrels daily, has several avenues to retaliate. One of the most concerning? Potential disruption in the Strait of Hormuz, a chokepoint that handles roughly 30% of global seaborne oil. Strategists at RBC and J.P. Morgan aren't ruling out a deeper escalation. RBC's Helima Croft noted that if this turns into a longer military campaign, Israel may try to cut off Iran's oil revenuean aggressive move that could provoke retaliation through Iranian proxies or direct attacks on shipping routes. Kaneva at J.P. Morgan sees a 17% implied market probability of a much wider disruption and believes oil could surge past $100, even reaching $120 under more extreme scenarios. While a full blockade of the Strait remains unlikely due to U.S. naval presence, limited attacks, mining, or interference with tanker traffic could still rattle energy markets. Back in the U.S., any oil shock would land directly on inflation data. GasBuddy expects a short-term jump of 10 to 25 cents per gallon at the pump, and if oil breaches the $120 mark, J.P. Morgan estimates inflation could double to 5%, pressuring the Fed to hold off on rate cuts. Energy stocks moved modestly on the newsExxon Mobil (NYSE:XOM) added 1.7%, while EOG Resources (NYSE:EOG) gained 3.4%. But analysts like Morningstar's Allen Good are already urging caution, noting that the broader supply-demand setup for 2025 still leans bearish. If tensions cool, Friday's rally might fade just as quickly as it spiked. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
