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Economy in Brief

U.S. Gasoline & Oil Prices Rise
by Tom Moeller  July 2, 2019

U.S. retail gasoline prices increased for the first time in eight weeks, rising to $2.71 (-4.6% y/y) per gallon during the week ended July 1. Haver Analytics calculates factors that adjust for the seasonal variation in gasoline pump prices. The seasonally adjusted price increased to $2.63 per gallon.

Continuing the recent rally, the weekly average price of West Texas Intermediate crude oil rose to an average $58.53 per barrel (-18.5% y/y) in the week ended June 28 from $54.75 in the previous week. Yesterday prices rose further to $59.09 per barrel. Brent crude oil prices rose to an average of $65.15 (-15.4% y/y) last week from $62.94 per barrel in the previous week. Yesterday, the price slipped to $64.97.

U.S. natural gas prices declined sharply last week, continuing the recent trend downward. The price of $2.34/mmbtu (-20.6% y/y) was the lowest since November 2016 and remained well below November's high of $4.67/mmbtu. The price rose yesterday to $2.31 from $2.27 on Friday.

In the four-weeks ending June 21, U.S. gasoline demand rose 2.1% y/y, the largest y/y rise since early May, while total petroleum product demand gained 1.8% y/y. U.S. gasoline inventories declined 3.7%y/y, but inventories of all petroleum products strengthened 4.6% y/y. Crude oil input to U.S. refineries fell 2.5% 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.

Oil & Gas Activity Flat amid Surging Uncertainty and Increasingly Pessimistic Outlooks from the Federal Reserve Bank of Dallas can be found here.

Weekly Energy Prices 7/1/2019 6/24/2019 6/17/2019 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.71 2.65 2.67 -4.6 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 58.53 54.75 52.50 -18.5 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.34 2.40 2.41 -20.6 3.15 2.96 2.49
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