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Economy in Brief

U.S. Gasoline Prices Are Little-Changed; Crude Oil Falls
by Tom Moeller  April 26, 2017

Regular gasoline prices of $2.45 per gallon last week (13.3% y/y) compared to $2.44 during the prior week. Prices remained lower than the 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally adjusted price eased to $2.37 per gallon from $2.39, and remained down from the $2.71 early-January high.

WTI crude oil prices declined to $51.08 per barrel last week (+22.1% y/y) and reversed the prior week's increase to $53.18. Prices fell to $49.56 yesterday. Prices remained lower than the $54.02 high in the third week of February. Brent crude oil prices declined to $53.62 per barrel last week and were $52.20 per barrel yesterday.

Natural gas prices improved to $3.08/mmbtu last week (61.7% y/y), but fell to $2.96 yesterday.

Last week, gasoline demand fell 0.7% y/y, while total petroleum product demand eased 0.8% y/y. Gasoline inventories fell 0.8% y/y and inventories of all petroleum products eased 0.2% y/y. Crude oil input to refineries rose 2.4% y/y in the last four weeks.

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 04/24/17 04/17/17 04/10/17 Y/Y % 2016 2015 2014
Retail Gasoline ($ per Gallon, Regular) 2.45 2.44 2.42 13.3 2.31 2.03 2.30
Light Sweet Crude Oil, WTI ($ per bbl.) 51.08 53.18 51.27 22.1 43.22 48.90 93.64
Natural Gas ($/mmbtu, LA, WSJ) 3.08 3.05 3.15 61.7 2.49 2.62 4.37
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