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Economy in Brief

U.S. Energy Prices Are Little Changed
by Tom Moeller  August 20, 2019

The U.S. pump price for gasoline eased to $2.60 per gallon (-7.9% y/y) last week from the prior week's $2.62 per gallon. Prices have fallen for five consecutive weeks. Haver Analytics calculates a series which is adjusted for the seasonal variation in gasoline pump prices. The seasonally adjusted price fell to $2.52 per gallon from $2.61 in the prior week.

West Texas Intermediate crude oil prices of $55.32 per barrel (-16.4% y/y) in the week ended August 16 compared to $53.25 in the previous week. Yesterday, prices improved to $56.21 from $54.87 on Friday. Brent crude oil prices of $59.15 per barrel (-17.7% y/y) last week compared to an average $58.31 per barrel in the previous week. Yesterday, the price was $59.76 versus $58.73 on Friday.

The price of natural gas increased to $2.21 per mmbtu (-26.3% y/y) in the week ended August 16 from $2.11/mmbtu averaged in the previous week. Yesterday, the price of natural gas was $2.26/mmbtu versus $2.20/mmbtu on Friday.

For the four-weeks ending August 9, U.S. gasoline demand improved 0.6% y/y, while total petroleum product demand increased 3.7% y/y. U.S. gasoline inventories gained 0.3% y/y while inventories of all petroleum products rose 3.6% y/y. Crude oil input to U.S. refineries fell 3.7% 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 8/19/2019 8/12/2019 8/5/2019 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.60 2.62 2.69 -7.9 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 55.32 53.25 56.62 -16.4 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.21 2.11 2.24 -26.3 3.15 2.96 2.49
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