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Economy in Brief

U.S. Energy Prices Jump Up Last Week
by Sandy Batten  February 9, 2021

• Gasoline prices rise to highest level in nearly a year.

• Oil prices post first y/y increase since January 2020.

• Natural gas prices jump up to highest level since March 2019.

The price of regular gasoline increased to $2.46 per gallon (+1.7% y/y) in the week ended February 8, its highest level in nearly a year, from $2.41 per gallon in the previous week. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price rose to $2.67 per gallon last week from $2.62 in the previous week.

West Texas Intermediate crude oil prices rose to an average of $55.42 per barrel (+10.1% y/y) in the week ended February 5 from $52.55 per barrel in the previous week. This was the highest price since the week ended January 24, 2020. The price rose to $57.97 per barrel yesterday. The average price of Brent crude oil increased to $58.11 per barrel (+6.3% y/y) last week from $55.63 in the previous week. The price rose to $60.53 yesterday.

The price of natural gas soared to $3.12/mmbtu (+65.1% y/y) in the week ended February 5 from $2.71/mmbtu in the previous week. This is the highest price since the week ended March 8, 2019. Yesterday, the price was $3.40/mmbtu.

In the four weeks ended January 29, gasoline demand fell 10.6% y/y while demand for all petroleum products declined 4.3% y/y. Crude oil input to refineries fell 10.6% y/y. Gasoline inventories fell 3.4% y/y while inventories of all petroleum products rose 2.0% y/y. The supply of gasoline in inventory in the week ended January 29 was 32.3 days, up from 32.0 days in the previous week and a recent low of 26.1 days in early October.

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 are in USENERGY.

Weekly Energy Prices 02/08/21 02/01/21 01/25/21 Y/Y % 2020 2019 2018
Retail Gasoline ($ per Gallon, Regular, Monday) 2.46 2.41 2.39 1.7 2.24 2.57 2.27
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 55.42 52.55 52.88 10.1 39.43 56.91 64.95
Natural Gas ($/mmbtu, LA, Previous Week's Average) 3.12 2.71 2.54 65.1 2.03 2.57 3.18
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