Ag Outlook 10-7-2020

COVID concerns filter into the fuel market… A barrel of West Texas Intermediate crude fell over three dollars as of Monday. The national average gasoline price has dropped seven cents per gallon last week to $2.17 as reported by GasBuddy. Patrick De Hann of GasBuddy says the end of last week saw a spike in gasoline demand – the highest since Labor Day – suggesting a possible end to further declines for now. Inventories are currently 16.5 percent above those of a year ago and 13 percent over the five-year average. While gas has declined over the past week diesel remains unchanged at $2.38 per gallon.