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Economy in Brief

U.S. Gasoline Prices Hold Steady; Crude Oil Declines
by Tom Moeller  June 6, 2017

Regular gasoline prices held at $2.41 per gallon last week (1.4% y/y), and were 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 was fairly stable at $2.24 per gallon, but remained down from the $2.71 early-January high.

WTI crude oil prices declined to $48.49 per barrel last week (-1.0% y/y) from $50.35 in the prior week. Prices remained down from $53.18 in early-April, and fell to $47.40 yesterday. Brent crude oil prices declined to $51.17 per barrel last week and were $49.96 per barrel yesterday.

Natural gas prices eased to $2.96/mmbtu last week (+31.9% y/y), then fell to $2.91 yesterday.

Last week, gasoline demand fell 0.7% y/y, while total petroleum product demand ticked 0.1% higher y/y. Gasoline inventories eased 0.7% y/y and inventories of all petroleum products eased 0.4% y/y. Crude oil input to refineries increased 6.3% 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 06/05/17 05/29/17 05/22//17 Y/Y % 2016 2015 2014
Retail Gasoline ($ per Gallon, Regular) 2.41 2.41 2.40 1.4 2.31 2.03 2.30
Light Sweet Crude Oil, WTI ($ per bbl.) 48.49 50.35 49.25 -1.0 43.22 48.90 93.64
Natural Gas ($/mmbtu, LA, WSJ) 2.96 3.14 3.08 31.9 2.49 2.62 4.37
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