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Economy in Brief

U.S. Energy Product Prices Slip
by Tom Moeller  July 23, 2019

The pump price for a gallon of regular gasoline in the U.S. backpedaled to $2.75 (-2.9% y/y) last week, reversing most of the prior week's rise to $2.78 per gallon. The price was near the middle of the range beginning in late-March. Haver Analytics develops a series which is adjusted for the seasonal variation in gasoline pump prices. The seasonally adjusted price eased to $2.67 per gallon from $2.68.

West Texas Intermediate crude oil prices eased to $56.93 per barrel (-17.4% y/y) in the week ended July 19 from $59.11 in the previous week. It was the lowest price in four weeks. Yesterday, prices eased to $56.22 per barrel. Brent crude oil prices declined to an average of $63.86 per barrel (-12.0% y/y) last week from $65.71 per barrel in the previous week. The price remained below the high of $73.82 late in April. Yesterday, the price slipped to $63.14 per barrel.

The price of natural gas eased to $2.41 per mmbtu (-13.3% y/y) in the week ended July 19 from $2.47/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 1.5% 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.

Weekly Energy Prices 7/22/2019 7/15/2019 7/8/2019 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.75 2.78 2.74 -2.9 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 56.93 59.11 57.44 -17.4 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.41 2.47 2.31 -13.3 3.15 2.96 2.49
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