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Economy in Brief

U.S. Energy Prices Are Mixed
by Gerald D. Cohen  July 10, 2018

Retail gasoline prices edged up to $2.86 per gallon last week (+24.4% year-on-year) from $2.84 per gallon during the prior week. Prices have ranged between $2.80 and $2.96 since the middle of April. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price was $2.77 per gallon, little changed since mid April.

West Texas Intermediate crude oil prices decreased to an average of $73.73 (+63.0% y/y) per barrel last week, from the three-and-a-half year high reached in late June. Yesterday, prices rose to $73.93 per barrel. Brent crude oil prices rose to an average of $76.16 per barrel last week and were $77.08 yesterday.

Natural gas prices decreased to an average of $2.86/mmbtu last week (-0.9% y/y) from $2.95/mmbtu and were $2.86 yesterday.

In the four-weeks ending June 29, gasoline demand increased 1.2% y/y, while total petroleum product demand gained 1.4% y/y. Gasoline inventories rose 1.0% y/y in the week ending June 29, while inventories of all petroleum products fell 7.6% y/y. Crude oil input to refineries was up 3.3% 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 07/09/18 07/02/18 06/25/18 Y/Y % 2017 2016 2015
Retail Gasoline ($ per Gallon Regular, Monday Price) 2.86 2.84 2.83 24.4 2.47 2.31 2.03
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 73.73 74.03 66.32 63.0 50.83 43.16 48.90
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.86 2.95 2.95 -0.9 2.96 2.49 2.62
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