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Economy in Brief

U.S. Gasoline Prices Remain Steady; Crude Oil Strengthens
by Tom Moeller  June 9, 2015

Gasoline prices remained unchanged last week at an average $2.78 per gallon at the pump (-24.3% y/y). They were at the highest level since early-December, roughly one-third higher versus the low of $2.04 late in January. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The seasonally adjusted price also was steady at $2.64 per gallon which was 17.8% higher than the early-February low, less of an increase than at the pump since prices typically rise during the summer driving season. Spot market gasoline prices increased to an average $2.10 per gallon (-25.6% y/y).

WTI crude oil costs improved to an average $59.66 per barrel (-42.2% y/y) and remained up versus the March low of $44.39. Yesterday, prices declined to $58.14 per barrel. These prices compare to a June 2014 high of $107.95. The seasonally adjusted price, generated by Haver Analytics, increased last week to $59.12 per barrel. Brent crude oil prices jumped last week to $63.97 per barrel but backed off to $61.90 yesterday.

Natural gas prices declined to 2.60 per mmbtu last week (-43.4% y/y) and were $2.67 yesterday.

Gasoline inventories grew 4.0% y/y while inventories of all petroleum products increased 8.5% y/y. Gasoline demand increased 1.1% y/y and demand for all petroleum products rose 4.3% y/y.

The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.

Weekly Energy Prices 06/08/15 06/01/15 05/26/15 Y/Y% 2014 2013 2012
Retail Gasoline ($ per Gallon, Regular) 2.78 2.78 2.77 -24.3 2.30 3.33 3.30
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 59.66 58.19 58.95 -42.2 93.64 97.96 94.20
Natural Gas ($/mmbtu, LA, WSJ) 2.60 2.76 2.98 -43.4 4.37 3.73 2.7
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