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Economy in Brief

U.S. Energy Product Prices Remain Under Downward Pressure
by Tom Moeller  February 11, 2020

Retail gasoline prices fell to $2.42 per gallon (+6.3% y/y) in the week ended February 10 from $2.46 per gallon in the previous week. This was the fifth consecutive weekly decline and compared to an early-May peak of $2.90 per gallon. Haver Analytics adjusts prices for seasonal variation. The seasonally adjusted gasoline price fell to $2.63 per gallon from $2.67 in the previous week, but remained above the low of $2.41 in January 2019.

Last week, the price of West Texas Intermediate crude oil fell to $50.33 per barrel (-6.0% y/y) after falling to $52.73 per barrel in the previous week. It was the fifth consecutive weekly decline from a peak of $61.75 per barrel. It was the lowest price since January of 2019. Yesterday, the price fell further to $50.11. The price of Brent crude oil declined to an average of $54.66 per barrel (-12.1% y/y) from $58.54 per barrel in the previous week. Prices peaked at $67.38 at the end of last year. The price declined to $54.40 yesterday.

As temperatures have remained unseasonably high this winter, the weekly average price of natural gas fell sharply to $1.89/mmbtu (-27.3% y/y) last week from $1.95/mmbtu in the previous week. The price was below the peak of $2.81/mmbtu reach early in November.

In the four weeks ending January 31, gasoline demand declined 3.1% y/y, while total petroleum product demand fell 4.7% y/y. Gasoline inventories increased 1.3% y/y and inventories of all petroleum products increased 1.1% y/y. Crude oil input to refineries fell 2.4% y/y in the past 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 02/10/20 02/03/20 01/27/20 Y/Y % 2019 2018 2017
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.42 2.46 2.51 6.3 2.57 2.27 2.47
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 50.33 52.73 56.19 -6.0 56.91 64.95 50.87
Natural Gas ($/mmbtu, LA, Previous Week's Average) 1.89 1.95 1.93 -27.3 2.57 3.18 2.99
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