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Economy in Brief

U.S. Energy Product Prices Decline
by Tom Moeller  October 1, 2019

In the week ended September 30, the U.S. pump price for gasoline of $2.64 per gallon (-7.8% y/y) compared to $2.65 during the prior week. These were the highest prices since early-August. Haver Analytics adjusts these price figures for seasonal variation. The seasonally adjusted price increase of $2.54 per gallon compared to $2.55 in the previous week.

The price of West Texas Intermediate crude oil fell to $56.94 per barrel (-21.7% y/y) last week following a rise to $59.30 per barrel two weeks ago. Yesterday, the price was $54.07 per barrel. The price of Brent crude oil fell to $62.92 per barrel (-23.0% y/y) after rising to an average $65.13 during the prior week. Yesterday, the price was $59.35.

The price of natural gas fell to $2.53 per mmbtu (-17.5% y/y) in the week ended September 27 from $2.63/mmbtu. The price remained higher than the low of $2.11 averaged in the second week of August. Yesterday the price was $2.37.

For the four weeks ending September 20, U.S. gasoline demand slipped 0.9% y/y. Total petroleum product demand increased 1.4% y/y. U.S. gasoline inventories fell 2.3% y/y while inventories of all petroleum products increased 2.2% y/y. Crude oil input to U.S. refineries fell 1.9% 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 9/30/19 9/23/19 9/16/19 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.64 2.65 2.55 -7.8 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 56.94 59.30 56.17 -21.7 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.53 2.63 2.64 -17.5 3.18 2.99 2.51
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