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Economy in Brief

U.S. Energy Prices Reverse Earlier Gains
by Tom Moeller  June 23, 2022

• Crude oil prices weaken sharply.

• Natural gas prices decline.

West Texas Intermediate crude oil prices fell to $116.46 per barrel (+62.7% y/y) in the week ended June 17 and reversed the prior week's increase to $120.46. The price has risen from $71.59 per barrel at the end of last year. Yesterday, the price was $110.65 per barrel. The average price of Brent crude oil weakened to $119.55 per barrel last week (+62.5% y/y) after rising to $121.57 per barrel in the prior week. Yesterday, the price was $115.04 per barrel.

The price of natural gas declined to $7.93/mmbtu (+141.8% y/y) in the week ended June 17 after increasing to $8.95/mmbtu in the prior week. The price remains up versus a low of $1.52/mmbtu averaged in the third week of June 2020. Yesterday, the price fell further to $6.60/mmbtu.

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.

In the four weeks ended June 10, gasoline demand fell 1.1% y/y. Demand for all petroleum products, however, rose 2.3% y/y. Crude oil input to refineries increased 3.0% y/y.

Gasoline inventories decreased 10.5% y/y in the week of June 10 while crude oil inventories declined 14.8% y/y.

The supply of gasoline inventories in the week ended June 10 eased to 24.1 days from 24.2 days in the previous week. The supply of crude oil held steady at 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.

The First Steps toward Disinflation from James Bullard, President and CEO, Federal Reserve Bank of Dallas is available here.

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