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Economy in Brief

U.S. Energy Product Prices Continue to Rise
by Tom Moeller  February 23, 2022

• Gasoline prices strengthen again with tight supplies.

• Crude oil prices rise with uncertainties in Europe.

• Natural gas prices also increase.

Retail gasoline prices rose to $3.53 per gallon (34.1% y/y) in the week ended February 21 from $3.49 in the previous week. It was the highest price since late-July 2014. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price fell to $3.57 per gallon from $3.60 in the prior week.

The price of West Texas Intermediate crude oil rose to $92.82 per barrel (54.2% y/y) in the week of February 18 from $90.64 in the prior week. It was the highest price since late-September 2014. Yesterday, the price was little changed at $92.35 per barrel. The average price of Brent crude oil increased to $94.02 (48.1% y/y) from $92.10 in the prior week. The price strengthened to $96.54 per barrel yesterday.

The price of natural gas rose to $4.39/mmbtu (-64.0% y/y) in the week of February 18 after falling to $4.19 in the previous week. Yesterday, the price rose to $4.48/mmbtu.

In the four weeks ended February 11, gasoline demand rose 8.0% y/y, down from 17.1% y/y late in December. Growth in demand for all petroleum products rose a fairly steady 11.9% y/y. Growth in crude oil input to refineries fell to 3.8% y/y, after 13.1% y/y growth early in November. Gasoline inventories declined 3.9% y/y and crude oil inventories declined 9.4% y/y.

The supply of gasoline inventories in the week ending February 11 fell to 28.7 days from 29.2 days in the prior week. The supply of crude oil edged was little changed w/w at 26.9 days but that remained down from 41.8 days early in March of last year.

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 02/21/22 02/14/22 02/07/22 Y/Y % 2021 2020 2019
Retail Gasoline ($ per Gallon, Regular, Monday) 3.53 3.49 3.44 34.1 3.28 2.24 2.57
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 92.82 90.64 89.64 54.2 67.74 39.43 56.91
Natural Gas ($/mmbtu, LA, Previous Week's Average) 4.39 4.19 5.78 -64.0 3.89 2.03 2.57
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