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Economy in Brief

U.S. Petroleum Prices Remain Unchanged
by Tom Moeller  June 4, 2013

The price of regular gasoline held steady last week at $3.65 per gallon and remained down just slightly versus last year. Prices remain below the $3.78 per gallon peak reached late in February. Haver Analytics constructs seasonal factors to account for seasonal volatility and the adjusted price ticked one penny higher to $3.45 per gallon.

Light sweet crude oil prices slipped last week to $93.43 per barrel (+7.3% y/y) and remained close to where they've been this year. Nevertheless, the price remained up from the June 2012 low of $80.29. Yesterday prices held at $93.45. Brent crude oil prices also slipped last week to $101.81 per barrel (-2.1% y/y) and were $101.20 yesterday.

Natural gas prices slipped last week to $4.11 per mmbtu (73.7% y/y). They slipped further to $4.00 yesterday.

The demand for gasoline fell 2.5% y/y last week. Residual fuel oil needs, used for heating, fell 7.6% y/y but distillate demand improved 1.4% y/y. Gasoline inventories jumped 9.5% y/y.

The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY. 

Regulatory Landscapes: A U.S. Perspective is by Fed Vice Chair Janet L. Yellen and it can be found here.

Weekly Energy Prices 06/03/13 05/27/13 05/20/13 Y/Y% 2012 2011 2010
Retail Regular Gasoline ($ per Gallon, Regular) 3.65 3.65 3.67 0.9 3.62 3.52 2.78
Light Sweet Crude Oil, WTI ($ per bbl.) 93.43 95.09 94.97 7.3 94.20 95.14 79.51
Natural Gas ($/mmbtu) 4.11 4.14 3.95 73.7 2.75 3.99 4.00
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