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Economy in Brief

U.S. Petroleum Prices Tick Higher
by Tom Moeller  June 11, 2013

The price of regular gasoline notched up last week to $3.66 per gallon, up 2.3% 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 rose 3 cents to $3.48 per gallon.

Light sweet crude oil prices inched 83 cents higher last week to $94.26 per barrel (11.6% 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 slipped to $95.77. Brent crude oil prices also rose last week to $102.91 per barrel (3.7% y/y) and were $103.83 yesterday.

Natural gas prices declined last week to $3.92 per mmbtu (67.7% y/y). They fell further to $3.85 yesterday.

The demand for gasoline slipped 0.8% y/y last week. Residual fuel oil needs, used for heating, rose 11.9% y/y and distillate demand gained 6.0% y/y. Gasoline inventories jumped 7.5% 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. 

 

Weekly Energy Prices 06/10/13 06/03/13 05/27/13 Y/Y% 2012 2011 2010
Retail Regular Gasoline ($ per Gallon, Regular) 3.66 3.65 3.65 2.3 3.62 3.52 2.78
Light Sweet Crude Oil, WTI ($ per bbl.) 94.26 93.43 95.09 11.6 94.20 95.14 79.51
Natural Gas ($/mmbtu) 3.92 4.11 4.14 67.7 2.75 3.99 4.00
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