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Economy in Brief

U.S. Gasoline Prices Fall
by Tom Moeller  October 16, 2019

In the week ended October 14, the U.S. pump price for gasoline eased to $2.63 per gallon (-8.7% y/y) from $2.65 the previous week. Haver Analytics adjusts these price figures for seasonal variation. The seasonally adjusted price held steady at $2.54 per gallon.

In the week ended October 11, the price of West Texas Intermediate crude oil was little changed w/w at $53.25 per barrel (-27.0% y/y). It remained down sharply versus the weekly high of $75.11 roughly one year ago. Yesterday, the price was $52.81 per barrel. The price of Brent crude oil edged higher to $58.93 per barrel (-28.5% y/y) from $58.35 the previous week. Yesterday, the price was $58.69.

The price of natural gas declined to $2.29 per mmbtu (-30.6% y/y) in the week ended October 11 from $2.33 per mmbtu in the previous week. It was the lowest price since the end of August and below the $4.49 high reached in early December. Yesterday, the price edged up to $2.29.

For the four weeks ending October 4, U.S. gasoline demand rose 0.5% y/y while total petroleum product demand increased 3.0% y/y. U.S. gasoline inventories fell 3.1% y/y while inventories of all petroleum products increased 0.7% y/y. Crude oil input to U.S. refineries fell 2.8% 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 10/14/19 10/07/19 9/30/19 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.63 2.65 2.64 -8.7 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 53.25 53.12 56.95 -27.0 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.29 2.33 2.52 -30.6 3.18 2.99 2.51
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