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Economy in Brief

U.S. Energy Prices Strengthen; Gasoline Pump Price Surges
by Tom Moeller  June 14, 2022

• Gasoline prices rise to record high.

• Crude oil prices continue to increase.

• Natural gas prices rebound.

Retail gasoline prices surged to $5.01 per gallon (63.1% y/y) in the week ended June 13 from $4.88 per gallon in the previous week. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price jumped ten cents to $4.88 per gallon.

The price of West Texas Intermediate crude oil strengthened to $120.45 per barrel (71.8% y/y) in the week ended June 10, up from $116.37 per barrel in the prior week. It was the highest price since the first week of August 2008, and prices have doubled since April of 2021. Yesterday, the price was $120.93 per barrel. The average price of Brent crude oil increased to $121.57 per barrel (68.4% y/y) in the week ended June 10 from $118.23 per barrel, the highest price since April 2012. Yesterday, the price was $122.93 per barrel.

The price of natural gas increased to $8.95/mmbtu (186.9% y/y) in the week ended June 10 after having eased to $8.54/mmbtu in the previous week. The price has generally risen from a low of $1.52/mmbtu averaged in the third week of June 2020. Yesterday, the price was $9.00/mmbtu.

In the four weeks ended June 3, gasoline demand eased 0.9% y/y. Demand for all petroleum products, however, rose 3.9% y/y. Crude oil input to refineries increased 4.4% y/y.

Gasoline inventories decreased 9.5% y/y in the week of June 3 while crude oil inventories declined 14.9% y/y.

The supply of gasoline inventories in the week ended June 3 fell to 24.2 days from 24.7 days in the previous week. The supply of crude oil declined to 25.8 days, down from 41.8 days in early-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.

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