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Economy in Brief

U.S. Gasoline Prices Ease; Crude Oil Declines
by Tom Moeller  April 10, 2018

Retail gasoline prices slipped to $2.69 per gallon last week (+11.1% y/y) following the prior week's five cent jump. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price eased by one cent to $2.69 per gallon, but remained near the highest level in five weeks.

WTI crude oil prices declined to $63.09 per barrel last week, up 23.1% y/y. It was the lowest price in three weeks and remained below the February high of $65.22 per barrel. Prices improved to $63.42 per barrel yesterday. Brent crude oil prices fell to $67.83 per barrel last week and were $68.60 yesterday.

Natural gas prices increased to $2.75/mmbtu (-12.8% y/y) last week, the highest level in two weeks, and were $2.71/mmbtu yesterday.

In the week ended March 30, gasoline demand increased 0.4% y/y, while total petroleum product demand improved 7.0% y/y. Gasoline inventories eased 0.3% y/y, while inventories of all petroleum products fell 8.8% y/y. Crude oil input to refineries improved 4.6% 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 04/09/18 04/02/18 03/26/18 Y/Y % 2017 2016 2015
Retail Gasoline ($ per Gallon, Regular) 2.69 2.70 2.65 11.1 2.47 2.31 2.03
Light Sweet Crude Oil, WTI ($ per bbl.) 63.09 65.03 64.15 23.1 50.87 43.22 48.90
Natural Gas ($/mmbtu, LA, WSJ) 2.75 2.64 2.63 -12.8 2.96 2.49 2.62
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