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Economy in Brief

U.S. Energy Prices Mostly Continued to Rise
by Sandy Batten  June 7, 2022

• Gasoline prices jumped 26 cents/gallon to another series high.

• Crude oil prices soared nearly $4/barrel to highest since August 2008.

• By contrast, natural gas prices eased.

Retail gasoline prices jumped up 26 cents per gallon to $4.88 (+60.7% y/y) in the week ended June 6, another series high dating back to 1990, from $4.62 per gallon in the previous week. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price also rose markedly to $4.78 per gallon, also a series high, from $4.53 per gallon in the prior week.

The price of West Texas Intermediate crude oil soared to $116.35 per barrel (+69.2% y/y) in the week ended June 3, the highest since August 2008, from $112.45 per barrel in the prior week. So far this year, the price of WTI crude is up 53%. Yesterday, the price was $118.50 per barrel. The average price of Brent crude oil increased to $118.23 per barrel (+66.9% y/y) in the week ended June 3 from $115.19 per barrel. This was the highest price since April 2012. The price was $119.42 per barrel yesterday.

The price of natural gas fell in the week ended June 3 to $8.54/mmbtu (+181.8% y/y) after having surged to $8.79/mmbtu in the previous week. The price has generally risen from a recent low of $1.52/mmbtu averaged in the third week of June 2020 and is up 140% since the beginning of this year. Yesterday, the price was $9.08/mmbtu.

In the four weeks ended May 27, gasoline demand fell 3.1% y/y. By contrast, demand for all petroleum products rose 2.9% y/y. Crude oil input to refineries increased 4.9% y/y.

Gasoline inventories decreased 6.4% y/y in the week of May 27 while crude oil inventories declined 15.0% y/y.

The supply of gasoline inventories in the week ended May 27 edged down to 24.7 days from 24.8 days in the previous week. The supply of crude oil declined to 25.9 days from 26.5 days.

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.

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