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Economy in Brief

U.S. Energy Product Prices Strengthen
by Tom Moeller  July 16, 2019

The pump price for a gallon of gasoline in the U.S. increased to $2.78 per gallon (-3.0% y/y) from $2.74 in the previous week. It was the highest price since early-June. Haver Analytics adjusts for the seasonal variation in gasoline pump prices. The seasonally adjusted price increased to $2.68 per gallon from $2.65.

The price of West Texas Intermediate crude oil rose to $59.15 per barrel (-17.8% y/y) in the week ended July 12 from $57.44 in the previous week. It was the highest price since late-May. Yesterday, prices rose to $59.58 per barrel. Brent crude oil prices also increased to an average of $65.71 (-13.7% y/y) last week from $63.54 per barrel in the previous week. Nevertheless, the price remained below the high of $$73.82 late in April. Yesterday, the price rose to $66.40.

The price of natural gas improved to $2.46 per mmbtu (-13.3% y/y) in the week ended July 12 from $2.30/mmbtu averaged in the previous week. It remained below last November's high of $4.67/mmbtu.

For the four-weeks ending July 5, U.S. gasoline demand increased 1.2% y/y, while total petroleum product demand gained 2.5% y/y. U.S. gasoline inventories declined 4.1% y/y, but inventories of all petroleum products were up 4.8% y/y. Crude oil input to U.S. refineries was 2.1% below one year earlier.

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.

Labor Scarcity, Trade Woes Squeeze Texas Business, Survey Finds from the Federal Reserve Bank of Dallas is available here.

Weekly Energy Prices 7/16/2019 7/8/2019 7/1/2019 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.78 2.74 2.71 -3.0 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 59.15 57.44 58.38 -17.8 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.46 2.30 2.34 -13.3 3.15 2.96 2.49
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