U.S. retail gasoline prices fell for the seventh consecutive week, edging down to $2.65 (-6.3% y/y) per gallon during the week ended June 24 from $2.67 the previous week. Haver Analytics calculates factors that adjust for the seasonal variation in gasoline pump prices. The seasonally adjusted price rose slightly to $2.55 per gallon from $2.53, the first weekly increase in seven weeks.

After four consecutive weekly declines, the weekly average price of West Texas Intermediate crude oil rose $2.23 to $54.73 per gallon (-17.4% y/y) in the week ended June 21 from $52.50 in the previous week. Yesterday prices rose further to $57.90 per gallon from $57.43 on Friday. Brent crude oil prices also rose, to an average of $62.94 (-15.7% y/y) last week from $61.50 per barrel in the previous week. Yesterday, the price slipped to $64.89 from $65.19 on Friday.

U.S. natural gas prices declined last week for the fifth consecutive week to $2.40/mmbtu (-18.8% y/y) from $2.41/mmbtu in the previous week. They remained well below the recent high from last November of $4.67/mmbtu. The price rose yesterday to $2.31 from $2.27 on Friday.

In the four-weeks ending June 14, U.S. gasoline demand was up 2.0% y/y, its first yearly increase in five weeks, while total petroleum product demand gained 1.8% y/y. U.S. gasoline inventories slumped 2.8%y/y, but inventories of all petroleum products surged 5.0% y/y. Crude oil input to U.S. refineries eased 2.4% 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.