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Economy in Brief

U.S. Energy Product Prices Slip
by Tom Moeller  May 14, 2019

Retail gasoline prices declined by three cents last week to $2.87 per gallon (-0.2% y/y) after rising slightly during the prior week. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price also fell by three cents to $2.77 per gallon.

West Texas Intermediate crude oil prices eased to an average of $61.84 per barrel last week (-12.4% y/y). The latest price was the lowest in five weeks and compared to the early-October high of $75.11. Yesterday, prices slipped to $61.04 per barrel. Brent crude oil prices fell to an average of $70.45 per barrel last week (-8.0% y/y). Prices reached a high of $84.96 in early October. The price was $70.16 yesterday.

Natural gas prices fell one penny to $2.59/mmbtu last week (-5.2% y/y). Prices remained below the early-March high of $3.28/mmbtu.

In the four-weeks ending May 3, gasoline demand rose 0.3% y/y, while total petroleum product demand eased 0.3% y/y. Gasoline inventories declined 4.1% y/y, while inventories of all petroleum products gained 2.9% y/y. Crude oil input to refineries fell 1.7% 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 5/13/19 5/6/19 4/29/19 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.87 2.90 2.89 -0.2 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 61.84 62.92 65.26 -12.4 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.59 2.60 2.56 -5.2 3.15 2.96 2.49
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