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Economy in Brief

U.S. Energy Product Prices Strengthen
by Tom Moeller  October 10, 2018

Gasoline prices increased to $2.90 per gallon last week (15.9% y/y), up three cents from the prior week. Haver Analytics constructs factors to adjust for the marked seasonal variation in prices. The seasonally-adjusted gasoline price rose w/w to $2.85 per gallon from $2.80.

West Texas Intermediate crude oil prices strengthened last week to $75.12 per barrel (49.6% y/y), the highest level since November 2014. Yesterday, the price eased to $74.96. Brent crude oil prices increased to $85.52 (40.4% y/y) per barrel last week. The price was $85.16 yesterday.

Natural gas prices rose to $3.06/mmbtu (3.4% y/y) last week. The price was $3.13 on Monday.

During the latest four weeks, gasoline demand decreased 1.5% y/y; total petroleum product demand rose 1.1% y/y. Gasoline inventories strengthened 7.4% y/y, but inventories of all petroleum products declined 3.0% y/y as residual fuel oil inventories fell 23.5% y/y. Crude oil input to refineries strengthened 11.3% 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 10/08/18 10/01/18 09/24/18 Y/Y % 2017 2016 2015
Retail Gasoline ($ per Gallon Regular, Monday Price) 2.90 2.87 2.84 15.9 2.47 2.31 2.03
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 75.12 72.70 70.29 49.6 50.87 43.22 48.90
Natural Gas ($/mmbtu, LA, Previous Week's Average) 3.06 3.03 2.93 3.4 2.99 2.51 2.64
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