Recent Updates

  • US: Producer Prices (Jun)
  • Germany: BOP Detail (May)
  • Canada: LFS (Jun)
  • Canada Regional: LFS by Province (Jun)
  • Blue Chip: Blue Chip Economic Indicators (Jul)
  • more updates...

Economy in Brief

U.S. Energy Product Prices Rise
by Tom Moeller  June 30, 2020

• Gasoline prices increase with seasonal demand.

• Crude oil prices continue to improve.

• Natural gas prices rise moderately.

The price for regular gasoline rose to $2.17 per gallon (-19.9% y/y) in the week ended June 29 from $2.13 in the previous week. The increase pulled prices to the highest level since late-March. The spot market price rose to $1.24 per gallon last week. Haver Analytics adjusts the gasoline price series for regular seasonal variation. Seasonally-adjusted prices remained firm, rising to $2.10 per gallon from $2.06, the highest level also since late-March.

The price for a barrel of West Texas Intermediate crude oil strengthened to an average $39.24 per barrel (-32.8% y/y) in the week ended June 26 from $38.37 in the prior week. Yesterday, the price increased to $39.70 per barrel. The price of Brent crude oil rose to $41.69 per barrel (-37.3% y/y) from $40.95. Yesterday, the price was $41.58 per barrel.

The average price of natural gas improved to $1.57/mmbtu (-33.0% y/y) in the week ended June 26 after falling to $1.52 in the previous week. The price remained below the $4.67/mmbtu peak in late-November 2018. Yesterday, the price rose to $1.67/mmbtu.

In the four weeks ending June 19, gasoline demand fell 17.5% y/y, while total petroleum product demand weakened 17.0% y/y. Crude oil input to refineries declined 20.9% y/y in the past four weeks. Gasoline inventories rose 9.9% y/y and inventories of all petroleum products increased 8.2% 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. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.

Weekly Energy Prices 06/29/20 06/22/20 06/15/20 Y/Y % 2019 2018 2017
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.17 2.13 2.10 -19.9 2.57 2.27 2.47
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 39.24 38.37 37.87 -32.8 56.91 64.95 50.87
Natural Gas ($/mmbtu, LA, Previous Week's Average) 1.57 1.52 1.70 -33.0 2.57 3.18 2.99
close
large image