U.S. gasoline prices fell -4.1¢ last week to an average of $2.98/gal, marking the first time the national average has dipped below $3 since 2020. Prices are now -19.3¢ MoM and -15.2¢ YoY, reflecting broad declines amid weaker demand, lower crude prices, and higher OPEC+ output.

• Diesel prices fell -3.7¢ to $3.591/gal, continuing their gradual decline and standing roughly -10¢ below the median diesel price.

• The most common gas price was $2.89/gal (+10¢ WoW), while the median was $2.82/gal (-3¢ WoW), about 16¢ below the national average.

• WTI crude fell to $57.03/bbl (-$2.46 WoW) and Brent to $60.72/bbl (-$2.60 WoW), pressured by growing concerns over global oversupply and slower Chinese demand.

• EIA data showed crude inventories up +3.5M bbl WoW, gasoline down -0.3M bbl, and distillates down -4.5M bbl, while refinery utilization dropped sharply to 85.7%.

• Implied gasoline demand fell -464k bpd to 8.455M bpd, consistent with seasonal weakness.

• Lowest gas prices were in Oklahoma ($2.45), Texas ($2.54), and Arkansas ($2.55); highest were in California ($4.60), Hawaii ($4.45), and Washington ($4.36).

• For diesel, the lowest prices were in Texas ($3.06) and Oklahoma ($3.11), while the highest were in Hawaii ($5.13) and California ($5.08).