Monday was a holiday for investors in the United States, but that did not prevent fuel prices from moving. In international action, crude was trading Monday just below $40 per barrel, down roughly 10% from this time last week. The drop came, according to industry analysis, as Saudi Arabia announced deep price cuts for Asia, as post-coronavirus optimism started to turn. The hope is by trimming prices, it will generate demand going into the 4th quarter.

Randy Giveans of Jefferies Equity told Yahoo Finance that currently, there’s a lot of oil on the market, and not many destinations. But he does not anticipate oil prices dropped the way they did this spring.

“Demand would have to move pretty meaningfully here over the next three to four months, to really see a price increase.  So, that’s why Jefferies, we updated our price forecast for crude and brought down barrels by $4-$5 per barrel per month, for the next 6-12 months.”

When it comes to diesel prices, the national average held this week at $2.42 a gallon, Washington’s was unchanged at $2.73, while diesel prices in both Idaho and Oregon increased one cent this week to $2.39 a gallon and $2.62 a gallon respectively.

Here are some of the lowest local prices we could find across the Northwest:

  • $2.46 a gallon in the Tri-Cities
  • $2.29 a gallon in Wenatchee
  • $2.49 a gallon in Pullman
  • $2.28 a gallon in Lewiston
  • $2.45 a gallon in Moses Lake
  • $2.29 a gallon in Pendleton
  • $2.19 a gallon in Yakima

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