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Economy in Brief

U.S. Energy Product Prices Remain Under Pressure
by Tom Moeller  June 18, 2019

U.S. retail gasoline prices continued their recent decline during the week ended June 17, falling six cents to $2.67 per gallon (-7.3% y/y), the sixth straight weekly decline. Haver Analytics calculates factors that adjust for the seasonal variation in gasoline pump prices. The seasonally adjusted price fell four cents to $2.53 per gallon, the lowest level in four months.

West Texas Intermediate crude oil prices fell to $52.51 per gallon (-20.7% y/y) in the week ended June 14 from $52.97 in the previous week. Yesterday prices were $51.93 per gallon. Brent crude oil prices fell to an average of $61.50 per barrel last week (-18.7% y/y) from $61.75 in the previous week. Yesterday, the price dropped to $60.85 per barrel.

U.S. natural gas prices declined last week to $2.41/mmbtu (-18.4% y/y) from $2.45/mmbtu in the previous week. They remained well below the November high of $4.67/mmbtu. The price rose yesterday to $2.46.

In the four-weeks ending June 7, U.S. gasoline demand was down 0.2% y/y, while total petroleum product demand eased 0.1% y/y. U.S. gasoline inventories fell 0.8% y/y, but inventories of all petroleum products surged 5.0% y/y. Crude oil input to U.S. refineries eased 1.9% y/y.

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, including regional breakdowns, are in OILWKLY.

Weekly Energy Prices 6/17/2019 6/10/2019 6/3/2019 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.67 2.73 2.81 -7.3 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 52.51 52.97 56.95 -20.7 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.41 2.45 2.66 -18.4 3.15 2.96 2.49
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