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Economy in Brief

U.S. Gasoline Price Moves Below $3.00 per Gallon
by Tom Moeller  November 4, 2014

The cost for a gallon of regular gasoline fell to $2.99 per gallon last week (-8.3% y/y) from $3.06 during the prior week. The latest was 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 $3.11 per gallon from $3.13.

WTI crude oil prices continued lower to an average $81.30 last week (-16.1% y/y) from $81.98 during the prior period. Yesterday prices weakened further to $78.78. The seasonally adjusted price generated by Haver fell to $84.29 per barrel last week. Brent crude oil prices declined to $85.65 per barrel and yesterday fell further to $84.11.

Natural gas prices also moved lower last week to an average $3.63 per mmbtu (+2.2% y/y) but improved to $3.72 yesterday.

The demand for all petroleum products rose 1.2% y/y in the week ended October 24 though gasoline demand slipped fell 1.1% y/y. Inventories of crude oil and petroleum products ticked higher by 0.2% y/y but gasoline inventories declined 5.0% 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 11/3/14 10/27/14 10/20/14 Y/Y% 2013 2012 2011
Retail Gasoline ($ per Gallon, Regular) 2.99 3.06 3.12 -8.3 3.51 3.62 3.52
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 81.30 81.98 82.88 -16.1 97.95 94.20 95.14
Natural Gas ($/mmbtu, LA, WSJ) 3.63 3.62 3.82 2.2 3.73 2.75 3.99
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