Tuesday, February 9, 2016

Build-up in gas inventory may lead to decreased prices over next two weeks

Posted on Jan. 10, 2013 at 12:00 a.m. | Updated on Jan. 10, 2013 at 10:46 a.m.

ELKHART COUNTY — Drivers may be able to enjoy a relief at the pump in the next couple of weeks due to a build-up in gas inventory recently announced in the U.S. Department of Energy’s weekly petroleum report.

With an increase of 16.1 million barrels during December, gasoline inventory now exceeds the highest level reached during 2012 and is at the highest point recorded since February 2011.

This could lead to many markets remaining flat or even declining slightly over the next two weeks, according to GasBuddy.com. Petroleum analysts believe it could be the calm before the storm of the yearly spring gas price spike. Prices tend to rise around April as refineries switch to producing summer gasoline, but then prices even off towards the end of May.

Analysts at GasBuddy.com are forecasting that the U.S. national average price of gas in 2013 will range from $3.21 to $3.43, with a median price at $3.29 per gallon.