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Economy in Brief

U.S. Energy Prices Ease Broadly
by Tom Moeller  April 13, 2021

• Gasoline prices reverse earlier increase.

• Crude oil prices slip.

• Natural gas prices continue to decline.

The price of regular gasoline eased to $2.85 per gallon (+53.8% y/y) in the week ended April 12 after edging higher to $2.86 per gallon in the previous week. The price remained up versus a low of $2.11 per gallon in November of last year. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price fell to $2.76 per gallon last week from $2.81 per gallon in the previous week.

The price of West Texas Intermediate crude oil fell to an average of $59.35 per barrel (+143.2% y/y) in the week ended April 9 after rising to an average of $60.66 per barrel in the previous week. The price recovered to $59.70 per barrel yesterday. The average price of Brent crude oil rose to $62.86 per barrel (+94.9% y/y) last week from $63.87 per barrel in the previous week. The price was $63.13 per barrel yesterday.

The price of natural gas declined to $2.45/mmbtu (+38.4% y/y) in the week ended April 9 from $2.54/mmbtu in the previous week. Yesterday, the price improved to $2.50/mmbtu.

In the four weeks ended April 2, gasoline demand rose 73.4% y/y and demand for all petroleum products increased by one-third y/y. Crude oil input to refineries rose 10.3% y/y. Gasoline inventories fell 8.8% y/y while crude oil inventories rose 1.5% y/y. The supply of gasoline in inventory in the week ended April 2 declined to 27.0 days, down sharply from 32.1 days during all of February.

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 04/12/21 04/05/21 03/29/21 Y/Y % 2020 2019 2018
Retail Gasoline ($ per Gallon, Regular, Monday) 2.85 2.86 2.85 53.8 2.24 2.57 2.27
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 59.35 60.66 59.98 143.2 39.43 56.91 64.95
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.45 2.54 2.54 38.4 2.03 2.57 3.18
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