Mondays Are In Fact Good For Something: Gas Prices Are Usually Lower

When the needle nears E, motorists begin their quest for the best gas prices. However, proximity and pricing aren't the only factors in snagging the most gas at the pump for your buck: The day of the week may also play a role.

GasBuddy, a price comparison website that provides data on current fuel price, said in a release fueling earlier in the week can result in savings for many motorists, along with shopping around for the lowest price.

Gas Prices Headed Northward

While gas prices are lower than they have been in a over 19 months, it is still wise to shop around, planning where and when to fill up. Furthermore, GasBuddy expects prices to continue to rise, with the traditionally high-demand summer approaching.

The nationwide average retail gas prices have been on an upswing and are now at their highest level in over a year. As of Monday, the average retail gas price was at $2.599 a gallon.

Source: Y Charts

Monday, The Cheapest

Examining three years' worth of fuel price data, GasBuddy deduced Monday offers the lowest average, making it the best day to gas up. In a cross-analysis, GasBuddy also found that for 23 states thus far in 2017, the best day of the week to fill up was Monday.

Monday was the best day to fill in 2016, too, with the day featuring the lowest average gasoline price in 36 states. In 2016, Tuesday was the best day in eight states.

The year 2015 also turned in Monday as the best day for filling, as 22 states reported the cheapest fuel prices on that day.

However, in 2014, Wednesday offered the lowest average gasoline prices.

As such, the findings of the analysis showed the best bet is to fuel up early in the week.

The Logic Behind The Late Flourish

GasBuddy offered two plausible explanations for the differences in gas prices over the week.

"The rise in average prices towards the weekend could be to blame on an influential report from the Energy Information Administration (EIA) issued weekly on Wednesdays, which could push prices higher the day after, depending on if data in its report is as expected or a surprise," said Patrick DeHaan, senior petroleum analyst at GasBuddy.

"Since commodities trading isn't active over the weekend, it typically allows stations to ‘let it ride' over the weekend, culminating in lower prices by the start of the work week."

According to GasBuddy, if every motorist in the U.S. bought gasoline on Thursday for an entire year, an incremental $1.1 billion in spending will materialize relative to filling up on a Monday.

At The Time Of Writing

• United States Gasoline Fund, LP UGA was down 1.93 percent at 25.47.
• VelocityShares 3X Long Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return was up 7.74 percent at 20.18.

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