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Economy in Brief

U.S. Gasoline & Crude Oil Prices Are Little Changed
by Tom Moeller  October 22, 2019

In the week ended October 21, the U.S. pump price for gasoline of $2.64 per gallon (-7.1% y/y) compared to $2.63 during the previous week. Haver Analytics adjusts these price figures for seasonal variation. The seasonally-adjusted price improved to $2.57 per gallon, up three cents from the prior week.

In the week ended October 18, the price of West Texas Intermediate crude oil was little changed w/w at $53.49 per barrel (-23.9% y/y). It has trended sideways since early-August. Yesterday, the price was $53.31 per barrel. The price of Brent crude oil improved slightly to $59.27 per barrel (-26.1% y/y) from $58.93 during the previous week. Yesterday, the price eased to $58.88.

The price of natural gas eased to $2.25 per mmbtu (-31.0% y/y) in the week ended October 18 from $2.29 per mmbtu in the previous week. It remained below the $4.49 high reached last December. Yesterday, the price fell to $2.13.

For the four weeks ending October 11, U.S. gasoline demand rose 2.6% y/y while total petroleum product demand increased 5.4% y/y. U.S. gasoline inventories fell 3.4% y/y while inventories of all petroleum products increased 0.5% 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 10/21/19 10/14/19 10/07/19 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.64 2.63 2.65 -7.1 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 53.49 53.26 53.12 -23.9 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.25 2.29 2.33 -31.0 3.18 2.99 2.51
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