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Economy in Brief

U.S. Energy Product Prices Rise Broadly
by Tom Moeller  July 7, 2020

• Gasoline prices continue upward.

• The cost of crude oil strengthens.

• Natural gas prices improve.

The price for regular gasoline improved to $2.18 per gallon (-20.6% y/y) in the week ended July 6 from $2.17 in the previous week. Prices stood at the highest level since late-March. The spot market price eased to $1.15 per gallon last week. Haver Analytics adjusts the gasoline price series for regular seasonal variation. Seasonally-adjusted prices held steady at $2.10 per gallon.

West Texas Intermediate crude oil prices increased to an average $39.85 per barrel (-30.6% y/y) in the week ended July 3 from $39.25 in the prior week. It was the highest price in four months. Yesterday, the price increased to $40.63 per barrel. The price of Brent crude oil rose to $42.15 per barrel (-34.0% y/y) from $41.69. Yesterday, the price was $42.73 per barrel.

The average price of natural gas improved to $1.68/mmbtu (-27.4% y/y) in the week ended July 3 after improving to $1.57 in the previous week. It was the highest price in three weeks. The price remained below the $4.67/mmbtu peak in late-November 2018. Yesterday, the price rose to $1.71/mmbtu.

In the four weeks ending June 26, gasoline demand fell 15.0% y/y, though it has risen sharply since late-April. Total petroleum product demand weakened 15.6% y/y. Crude oil input to refineries declined 20.3% y/y in the past four weeks, but it has risen sharply since mid-May. Gasoline inventories rose 11.2% 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 07/06/20 06/29/20 06/22/20 Y/Y % 2019 2018 2017
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.18 2.17 2.13 -20.6 2.57 2.27 2.47
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 39.85 39.25 38.37 -30.6 56.91 64.95 50.87
Natural Gas ($/mmbtu, LA, Previous Week's Average) 1.68 1.57 1.52 -27.4 2.57 3.18 2.99
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