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Economy in Brief

U.S. Energy Product Prices Edge Higher
by Tom Moeller  January 7, 2020

Retail gasoline prices inched up to $2.58 per gallon (15.2% y/y) last week from $2.57 per gallon in the previous week. Last week's price roughly equaled last year's average. Typically, gasoline prices weaken this time of year and Haver Analytics adjusts prices for seasonal variation. The seasonally adjusted gasoline price rose one cent to $2.76 per gallon, the highest price since mid-May.

In the week ended January 3, the West Texas Intermediate crude oil price rose to $61.76 per barrel (32.2% y/y) from $61.28 per barrel in the previous week. This is the highest price since mid-May. Yesterday, the price was $63.27. Brent crude oil prices eased to an average of $66.68 per barrel (+20.6% y/y) from $67.38 in the previous week. They rose yesterday to $68.87.

The weekly average price of natural gas rose to $2.07/mmbtu (-29.1% y/y) in the week ended January 3 after falling to an average of $2.03/mmbtu in the previous week. Prices improved yesterday to $2.10.

In the four-weeks ending December 27, gasoline demand increased 0.8% y/y but total petroleum product demand declined 2.7% y/y. Gasoline inventories gained 1.0% y/y and inventories of all petroleum products increased 0.6% y/y. Crude oil input to refineries fell 3.6% y/y in the last four weeks.

These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.

Weekly Energy Prices 01/06/20 12/30/19 12/23/19 Y/Y % 2019 2018 2017
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.58 2.57 2.53 15.2 2.57 2.27 2.47
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 61.76 61.28 60.73 32.2 56.91 64.95 50.87
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.07 2.03 2.28 -29.1 2.57 3.18 2.99
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