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Economy in Brief

U.S. Gasoline Prices Remain Unchanged
by Tom Moeller  July 1, 2014

The price for a gallon of regular gasoline held at $3.70 last week (5.9% y/y). Prices remained down from the $3.78 per gallon peak reached in February of last year. To account for seasonal volatility, Haver Analytics constructs factors for adjustment of pump prices. The adjusted cost of gasoline rose six cents to $3.65 per gallon.

The cost of WTI crude oil slipped last week to $106.31 per barrel (+10.8% y/y), but remained near the highest level since last September. The seasonally adjusted price of $108.93 per barrel, generated by Haver Analytics, remained up sharply from $92.19 in early May. Yesterday, prices slipped to $105.37. Brent crude oil prices fell last week to $113.12 per barrel (+11.4% y/y) and yesterday were $110.87.

Natural gas prices declined last week to $4.49 per mmbtu (20.8% y/y) and fell to $4.42 yesterday.

The demand for all petroleum products edged 0.2% lower last week versus last year. Gasoline demand increased 1.7% y/y. Residual fuel oil needs, used for heating, fell by nearly one-third y/y while distillate demand fell 1.6% y/y. Inventories of crude oil and petroleum products were off 1.6% y/y and gasoline inventories fell 4.6% 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 petroleum demand and inventory figures are in OILWKLY.

Will Inflation Remain Low? from the Federal Reserve Bank of San Francisco can be found here.

Weekly Energy Prices 06/30/14 06/23/14 06/16/14 Y/Y% 2013 2012 2011
Retail Gasoline ($ per Gallon, Regular) 3.70 3.70 3.69 5.9 3.51 3.62 3.52
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 106.31 107.23 105.97 10.8 97.95 94.20 95.14
Natural Gas ($/mmbtu, LA, WSJ) 4.49 4.64 4.58 20.8 3.73 2.75 3.99
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