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Economy in Brief

U.S. Gasoline Prices Fall Further While Crude and Nat Gas Prices Rise
by Sandy Batten  September 10, 2019

The U.S. pump price for gasoline slipped to $2.55 per gallon (-10.0% y/y) in the week ended September 9 from the prior week's $2.56 per gallon. Prices have fallen for eight consecutive weeks. Haver Analytics adjusts price figures for seasonal variation. The seasonally adjusted price fell to $2.41 per gallon from $2.44 in the previous week. This was the lowest seasonally adjusted price since January 7.

The price of West Texas Intermediate crude oil rose to $55.74 per barrel (-18.7% y/y) in the week ended September 6 from $55.22 the previous week. Prices have been relatively steady over the past few weeks but remain well below the recent peak of $65.26 reached in April. Yesterday, the price of WTI jumped up to $57.85 per barrel from $56.52 on Friday. The price of Brent crude oil rebounded in the week ended September 6, rising to $60.00 per barrel (-22.4% y/y) from $59.68 in the previous week. Yesterday, the price rose to $62.63 per barrel, its highest since July 31, from $61.64.

The price of natural gas jumped up to $2.46 per mmbtu (-16.3% y/y) in the week ended September 6 from $2.28/mmbtu in the previous week. This was the fourth consecutive weekly increase and the largest weekly rise since March 8.

For the four-weeks ending August 30, U.S. gasoline demand increased 0.8% y/y, the fourth consecutive yearly gain but down from 2.3% y/y the previous week. Total petroleum product demand rose 1.6% y/y. In the week ended August 30, U.S. gasoline inventories fell 2.1% y/y while inventories of all petroleum products increased 3.0% y/y. Crude oil input to U.S. refineries fell 1.8% 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, demand, production and inventories, including regional breakdowns, are in OILWKLY.

Weekly Energy Prices 9/9/2019 9/2/2019 8/26/2019 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.55 2.56 2.57 -10.0 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 55.74 55.22 55.51 -18.7 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.46 2.28 2.27 -16.3 3.18 2.99 2.51
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