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Economy in Brief

U.S. Energy Prices Remain Strong
by Tom Moeller  June 22, 2021

• Gasoline prices ease minimally from seven-year high.

• Crude oil prices add to recent gains.

• Natural gas prices continue strengthening.

Retail gasoline prices slipped to $3.06 per gallon (+43.7% y/y) in the week ended June 21 from $3.07 in the week prior. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price rose three cents to $2.95 per gallon last week.

The price of West Texas Intermediate crude oil rose to $71.57 per barrel (86.5% y/y) in the week ended June 18. It has increased from $65.17 averaged in May. Yesterday, the price rose further to $73.66 per barrel. The average price of Brent crude oil increased to $73.56 per barrel (79.5% y/y) last week from $72.18 per barrel during the prior week. Prices averaged $67.96 in May. The price rose yesterday to $74.84 per barrel.

Natural gas prices strengthened to $3.29/mmbtu (116.4% y/y) in the week ended June 18, the highest price in four months. The price eased yesterday to $3.15/mmbtu.

In the four weeks ended June 21, gasoline demand rose 19.3% y/y and demand for all petroleum products rose 17.4% y/y. Crude oil input to refineries rose 18.2% y/y. Gasoline inventories dropped 5.5% y/y, while crude oil inventories declined 8.3%.

The supply of gasoline inventories in the week ending June 11 was 26.7 days, down sharply from 32.1 days in February. The supply of crude oil inventories fell to 29.6 days from 39.7 days in March.

These data are reported by the Energy Information Administration of 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 06/21/21 06/14/21 06/07/21 Y/Y % 2020 2019 2018
Retail Gasoline ($ per Gallon, Regular, Monday) 3.06 3.07 3.04 43.7 2.24 2.57 2.27
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 71.57 70.11 68.75 86.5 39.43 56.91 64.95
Natural Gas ($/mmbtu, LA, Previous Week's Average) 3.29 3.12 3.03 116.4 2.03 2.57 3.18
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