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Economy in Brief

U.S. Energy Prices Continue to Rise
by Tom Moeller  November 2, 2021

• Gasoline prices edge higher.

• Crude oil prices continue strengthening.

• Natural gas prices reverse earlier decline.

Retail gasoline prices rose 0.2% (60.5% y/y) to $3.39 per gallon in the week ended November 1 from $3.38 per gallon in the previous week. Prices remained at the highest level since September 2014 and up from their low of $1.77 per gallon in April 2020. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price rose to $3.40 per gallon from $3.37 per gallon in the previous week.

The price of West Texas Intermediate crude oil increased 0.7% (124.3% y/y) to $83.86 per barrel in the week ended October 29 from $83.30 per barrel in the previous week. Yesterday, the price was $84.05 per barrel. The average price of Brent crude oil slipped to $84.77 per barrel last week (+115.4% y/y) from $85.03 per barrel in the prior week. The price was $84.54 per barrel yesterday.

Natural gas prices jumped 14.7% to $5.68/mmbtu (83.8% y/y) in the week ended October 29 and reversed the prior week's decline to $4.95/mmbtu. Yesterday, the price eased to $5.22/mmbtu.

In the four weeks ended October 22, gasoline demand increased 9.5% y/y and demand for all petroleum products rose 9.9% y/y. Crude oil input to refineries rose 13.0% y/y. Gasoline inventories fell 4.6% y/y, while crude oil inventories declined 7.7% y/y.

The supply of gasoline inventories in the week ending October 22 was little changed at 23.0 days, the lowest level since early-September and remained down sharply from the recent high of 32.9 days in the third week of February. The supply of crude oil edged up to 28.3 days but remained below the recent high of 41.8 days in the second week of 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 11/01/21 10/25/21 10/18/21 Y/Y % 2020 2019 2018
Retail Gasoline ($ per Gallon, Regular, Monday) 3.39 3.38 3.32 60.5 2.24 2.57 2.27
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 83.86 83.30 81.22 124.3 39.43 56.91 64.95
Natural Gas ($/mmbtu, LA, Previous Week's Average) 5.68 4.95 5.57 83.8 2.03 2.57 3.18
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