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Economy in Brief

U.S. Gasoline Prices Continue To Move Lower
by Tom Moeller  December 2, 2014

The price for a gallon of regular gasoline fell to an average $2.78 last week (-15.1% y/y) versus $2.82 during the prior week. Prices remained down versus $3.65 reached in June. To account for seasonal patterns, Haver Analytics constructs factors for adjustment of pump prices. The seasonally adjusted price slipped to $3.02 per gallon. The N.Y. harbor price for regular gasoline fell yesterday to $1.95 from $2.04 averaged last week.

WTI crude oil prices fell further to an average $72.41 last week (-22.1% y/y) from $75.38 during the prior period. Yesterday prices were $69.00, up from $66.15 on Friday. The seasonally adjusted price generated by Haver declined to $75.29 per barrel last week. Brent crude oil prices fell to $74.84 last week (-32.7% y/y) and were $72.12 yesterday.

Natural gas prices fell last week to $4.17 per mmbtu and fell further to $3.90 yesterday.

The demand for all petroleum products declined 1.2% y/y in the week ended November 21 but gasoline demand improved 1.3% y/y. Inventories of crude oil and petroleum products increased 1.1% y/y but gasoline inventories declined 2.0% 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 12/01/14 11/24/14 11/17/14 Y/Y% 2013 2012 2011
Retail Gasoline ($ per Gallon, Regular) 2.78 2.82 2.89 -15.1 3.51 3.62 3.52
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 72.41 75.38 76.50 -22.1 97.95 94.20 95.14
Natural Gas ($/mmbtu, LA, WSJ) 4.17 4.33 4.13 9.2 3.73 2.75 3.99
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