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Economy in Brief

U.S. Gasoline Prices Remain Up From January Low
by Tom Moeller  June 30, 2015

Gasoline prices eased last week to an average $2.80 per gallon at the pump (-24.4% y/y) but remained higher than the low of $2.04 late in January. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The seasonally adjusted price moved 2 cents higher to $2.71 per gallon. They remained, however, below the cost at the pump since prices typically are stronger during the summer driving season. Spot market gasoline prices held w/w at $2.10 per gallon (-28.9% y/y).

WTI crude oil costs firmed to an average $60.13 per barrel (-43.6% y/y), up versus the March low of $44.39. Yesterday, prices eased to $58.33 per barrel. These prices compare to a June 2014 high of $107.95. The seasonally adjusted price, generated by Haver Analytics, improved last week to $58.88 per barrel. Brent crude oil prices were fairly stable at $60.84 per barrel but fell to $59.03 yesterday.

Natural gas prices fell to $2.79 per mmbtu last week (-38.0% y/y) and were $2.80 yesterday.

Gasoline demand improved 4.5% y/y and demand for all petroleum products rose 7.2% y/y. Gasoline inventories grew 1.6% y/y and inventories of all petroleum products increased 7.2% 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 06/29/15 06/22/15 06/15/15 Y/Y% 2014 2013 2012
Retail Gasoline ($ per Gallon, Regular) 2.80 2.81 2.84 -24.4 2.30 3.33 3.30
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 60.13 59.89 60.07 -43.6 93.64 97.96 94.20
Natural Gas ($/mmbtu, LA, WSJ) 2.79 2.88 2.81 -38.0 4.37 3.73 2.7
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