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Economy in Brief

U.S. Gasoline Prices Slip; Crude Oil Costs Stabilize
by Tom Moeller  June 26, 2018

Retail gasoline prices declined to $2.83 per gallon last week (+23.8% y/y) from $2.88 per gallon during the prior week. Prices have fallen for four consecutive weeks. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price was little changed at $2.72 per gallon, down versus its peak of $2.90 early in February.

West Texas Intermediate crude oil prices were fairly steady w/w at an average of $66.26 (53.6% y/y) per barrel last week. Prices remained lower than the $71.31 high in mid-May. Yesterday, prices strengthened to $68.08 per barrel. Brent crude oil prices declined last week to an average of $74.68 per barrel and were $74.69 yesterday.

Natural gas prices were unchanged at an average of $2.95/mmbtu last week (3.1% y/y) and were $2.93 yesterday.

In the four-weeks ending June 15, gasoline demand eased 0.9% y/y, while total petroleum product demand improved 0.9% y/y. Gasoline inventories slipped 0.8% y/y, while inventories of all petroleum products declined 8.2% y/y. Crude oil input to refineries rose 0.9% y/y in the last four weeks.

These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.

Weekly Energy Prices 06/25/18 06/18/18 06/11/18 Y/Y % 2017 2016 2015
Retail Gasoline ($ per Gallon Regular, Monday Price) 2.83 2.88 2.91 23.8 2.47 2.31 2.03
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 66.26 66.20 65.35 53.6 50.87 43.22 48.90
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.95 2.95 2.88 3.1 2.96 2.49 2.62
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