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Economy in Brief

U.S. Gasoline Price Declines
by Tom Moeller  August 6, 2019

The pump price for a gallon of regular gasoline in the U.S. declined to $2.69 (-5.8% y/y) last week, the lowest price in six weeks. Haver Analytics calculates a series which is adjusted for the seasonal variation in gasoline pump prices. Over the same period, the seasonally adjusted price fell to $2.61 per gallon from $2.64.

West Texas Intermediate crude oil prices rose to $56.62 per barrel (-18.5% y/y) in the week ended August 5 from $56.08 in the previous week. Yesterday, prices slipped to $54.69 from $55.55 on Friday. Brent crude oil prices eased to an average of $63.17 per barrel (-14.2% y/y) last week from $63.46 per barrel in the previous week. Yesterday, the price rose to $59.77 from $61.76 on Friday.

The price of natural gas fell to $2.24 per mmbtu (-20.0% y/y) in the week ended August 2 from $2.30/mmbtu averaged in the previous week. This is the lowest weekly average price since the week ended November 11, 2016. Yesterday, the price of natural gas fell to $2.02/mmbtu from $2.12/mmbtu on Friday.

For the four-weeks ending July 26, U.S. gasoline demand fell 1.3% y/y, while total petroleum product demand rose 1.2% y/y. U.S. gasoline inventories were little changed y/y, but inventories of all petroleum products rose 4.1% y/y. Crude oil input to U.S. refineries fell 1.3% 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. More detail on prices, as well as the demand, production and inventory data, including regional breakdowns, are in OILWKLY.

Weekly Energy Prices 8/5/2019 7/29/2019 7/22/2019 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.69 2.72 2.75 -5.8 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 56.62 56.08 56.88 -18.5 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.24 2.30 2.44 -20.0 3.15 2.96 2.49
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