U.S. Energy Prices Are Fairly Stable in Latest Week

Retail gasoline prices for all grades averaged $3.25 per gallon (-9.8% y/y) last week for the fourth straight week. Prices remained above their low of $3.13 in the week of December 9. The recent high was $3.79 in the week ending April 22, 2024. Their all-time high of $5.11 occurred in the week ending June 13, 2022. The retail price for on-highway diesel fuel held at $3.81 per gallon (+1.0% y/y) in the week of July 21 after rising slightly to $3.76 in the prior week. The latest diesel price stood well below a high of $4.63 in the week ending September 18, 2023 and a peak of $5.81 in the week ending June 20, 2022.

The price of West Texas Intermediate crude oil declined to $65.97 per barrel (-16.3% y/y) in the week ended July 25. The drop left prices at the lowest level in four weeks. Prices nonetheless remained above a $59.04 low in the second week of May. The cost of crude oil peaked at $120.46 in the week of June 10, 2022. Yesterday, the price was $66.71 per barrel. The price of European Brent crude eased to $70.09 per barrel (-15.1% y/y) in the week of July 25 after falling to $70.66 in the prior week. Prices remained below a recent high of $95.61 in the week of September 29, 2023 and below a peak of $127.40 in June 2022. The price was $70.87 yesterday.

Natural gas prices slipped to an average $3.19/mmbtu (+54.9% y/y) in the week ended July 25, after rising to an average $3.39/mmbtu in the prior week. Prices remained well above a low of $1.40/mmbtu in the week of March 15, 2024 but below their peak of $9.56 in the week of August 26, 2022. Yesterday, the price was $3.12 per mmbtu.

Gasoline demand declined 4.9% y/y in the four weeks ending July 18 following a 1.6% y/y decline in the prior four weeks. Demand for all petroleum products held steady y/y in the four weeks ending July 18 after a 1.1% y/y decline in the previous four-week period. Crude oil input to refineries rose 1.0% y/y in the four weeks ending July 18 after a 0.9% y/y gain in the prior four weeks.

Gasoline inventories rose 1.6% y/y in the week ending July 18 after a 0.1% y/y dip in the prior week. Residual fuel oil inventories fell 23.0% y/y in the week of July 18, after a 27.0% y/y fall in the prior week. Crude oil inventories rose 1.3% y/y in the week of July 18 after the same y/y rise in the previous two weeks.

Measured in days’ supply, gasoline inventories rose to 26.2 days in the week of July 18 from 25.9 days in the prior week. The recent low was 22.9 days in the week of November 8, 2024. The supply of crude oil eased to 24.7 days in the week of July 18 from 24.9 days in the prior week, and remained below a high of 31.9 days in the week of March 3, 2023.

These data are reported by the Energy Information Administration of the U.S. Department of Energy. The price and supply/demand data can be found in Haver’s WEEKLY & USENERGY database.