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Economy in Brief

U.S. Energy Prices Continue to Tumble
by Tom Moeller  October 28, 2014

The cost of a gallon of regular gasoline fell to $3.060 per gallon last week (-7.2% y/y) from $3.12 during the prior week, its least expensive price since December 2010. To account for seasonal patterns, Haver Analytics constructs factors for adjustment of pump prices. The seasonally adjusted price slipped to $3.13 per gallon from $3.14.

WTI crude oil prices continued lower to an average $81.93 last week (-16.2% y/y) from $82.88 during the prior period. Yesterday prices slipped to $81.00. The seasonally adjusted price generated by Haver was fairly stable at $84.87 per barrel last week. Brent crude oil prices improved slightly to $85.82 per barrel (-20.3% y/y). Yesterday prices declined further to $85.26.

Natural gas prices also fell last week to an average $3.62 per mmbtu (-1.6% y/y) and were $3.55 yesterday.

The demand for all petroleum products improved 2.2% y/y in the week ended October 17 though gasoline demand slipped 0.2% y/y. Inventories of crude oil and petroleum products gained 0.4% y/y but gasoline inventories were down 5.2% 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 10/27/14 10/20/14 10/13/14 Y/Y% 2013 2012 2011
Retail Gasoline ($ per Gallon, Regular) 3.06 3.12 3.21 -7.2 3.51 3.62 3.52
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 81.93 82.88 87.63 -16.2 97.95 94.20 95.14
Natural Gas ($/mmbtu, LA, WSJ) 3.62 3.82 3.87 -1.6 3.73 2.75 3.99
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