The spot price for WTI crude briefly fell to $90.27 this morning and still trades well below yesterday’s closing price of $93.51. The AAA Daily Fuel Gauge reports that the average U.S. pump price for a gallon of regular gasoline sits at about $3.56 today, which is $0.06 a gallon less than it cost a week ago and more than $0.30 a gallon below last year’s price. And all the signals are that the price will continue to fall.
Consumer sentiment fell sharply — and unexpectedly today — and U.S. retail sales were also lower. Part of the reason for the lower retail sales turned out to be lower gasoline sales, even though the price was dropping. U.S. drivers take to the roads less because they don’t have the will, or perhaps the money, to go shopping.
That’s not likely to change next week. Recent demand estimates from both OPEC…
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