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Economy in Brief

U.S. Gasoline & Crude Oil Costs Are Little Changed
by Tom Moeller  November 26, 2019

Retail gasoline prices eased to $2.58 per gallon last week (+1.6% y/y) from $2.59 in the previous week. Prices typically weaken this time of year. Haver Analytics constructs factors to adjust for the seasonal variation in gasoline pump prices. The seasonally-adjusted price rose to $2.66 per gallon, the highest level in four months.

West Texas Intermediate crude oil prices edged higher to an average $57.04 (3.6% y/y) per barrel last week versus $56.94 during the prior week. Prices have trended sideways since mid-year. Yesterday, prices rose further to $58.01. Brent crude oil prices were little changed at $62.61 (-0.4% y/y) per barrel last week and were $63.68 yesterday.

Natural gas prices declined to $2.58/mmbtu last week (-44.8% y/y), the lowest price in four weeks after spiking to $2.81 two weeks ago. The price eased to $2.52 yesterday.

In the four-weeks ending November 15, gasoline demand increased 1.9% y/y. Total petroleum product demand rose 0.5% y/y. Gasoline inventories decreased 2.0% y/y while inventories of all petroleum products grew 0.1% y/y. Crude oil input to refineries fell 3.0% y/y in the last four weeks.

These data are reported by the U.S. Department of Energy and the National Climate Data Center. The price data can be found in Haver's WEEKLY and DAILY databases. Weekly U.S. National (Contiguous 48 States) temperature can be found in WEEKLY. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.

Weekly Energy Prices 11/25/19 11/18/19 11/11/19 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.58 2.59 2.62 1.6 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 57.04 56.94 56.78 3.6 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.58 2.73 2.81 -44.8 3.18 2.99 2.51
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