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Economy in Brief

U.S. Gasoline Prices Fall Further
by Tom Moeller  September 23, 2014

The price for a gallon of regular gasoline declined to $3.35 last week (-4.1% y/y) and remained at the lowest level since mid-February. To account for seasonal patterns, Haver Analytics constructs factors for adjustment of pump prices. The adjusted price declined to $3.27 per gallon, the lowest level since December 2010. The N.Y. spot market price for unleaded regular gasoline averaged $2.62 last week, down from $3.00 in mid-April.

WTI crude oil prices rose to $93.53 per barrel (-12.0% y/y) last week but yesterday dropped back to $91.52. The seasonally adjusted price generated by Haver improved to $94.77 per barrel last week. Brent crude oil prices slipped to $97.06 per barrel last week (-11.7% y/y) and were $95.50 yesterday.

Natural gas prices were roughly stable last week at $3.91 per mmbtu (5.2% y/y) and yesterday were stable.

The demand for all petroleum products increased 1.2% y/y in the week ended September 12. Gasoline demand edged 0.4% higher y/y. Residual fuel oil needs, used for heating, fell 31.9% y/y while distillate demand dropped 2.6% y/y. Inventories of crude oil and petroleum products gained 0.8% y/y but gasoline inventories were down 2.4% 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.

Weekly Energy Prices 09/23/14 09/15/14 09/08/14 Y/Y% 2013 2012 2011
Retail Gasoline ($ per Gallon, Regular) 3.35 3.41 3.46 -4.1 3.51 3.62 3.52
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 93.53 92.43 94.06 -12.0 97.95 94.20 95.14
Natural Gas ($/mmbtu, LA, WSJ) 3.91 3.90 3.92 5.2 3.73 2.75 3.99
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