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COMMODITIES UPDATE: Gasoline Prices Drop To $3.37 A Gallon, Natural Gas Rises

The national average retail price of regular gasoline fell 5.8 cents to $3.367 a gallon in the week ended Oct. 7, the Energy Information Administration ( EIA ) said today. Prices have fallen 24.1 cents, or 6.7%, over the past five weeks as the peak summer demand season has passed and inventories remain high.

Gasoline prices are down 12.5%, or 48.3 cents, from a year earlier, the biggest year-on-year decline since Oct. 12, 2009, EIA data said.

Current gasoline prices are 18.2 cents below the record national average of $4.11 a gallon reached on July 7, 2008, it said.

In its short-term energy outlook, the EIA projects that gasoline prices will average $3.55 a gallon this month, down from $3.75 a gallon a year ago.

The forecast is based on Nymex crude-oil futures averaging $103 a barrel.

Nymex crude is averaging $103.26 a barrel so far this month.

Crude for November delivery rose 54 cents, or 0.5%, to $103.56 a barrel today in electronic trading on the New York Mercantile Exchange.

In ETF trading, United States Oil shares are up 20 cents, or 0.5%, to $37.34, while United States Natural Gas Fund shares are up 39 cent, or 2%, to $19.05.

ExxonMobil ( XOM ) shares are down 34 cents, or 0.4%, to $85.56.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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