U.S. Energy Prices are Mixed in Latest Week
by:Tom Moeller
|in:Economy in Brief
Summary
- Gasoline prices retreat.
- Crude oil costs decline sharply.
- Natural gas prices move up.
Retail gasoline prices for all grades declined to an average $3.29 per gallon (-8.5% y/y) last week after rising to $3.34 in the prior 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. Its all-time high of $5.11 occurred in the week ending June 13, 2022. The retail price for on-highway diesel fuel eased to $3.73 per gallon (-2.3% y/y) in the week of June 30 after rising to $3.78 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 $65.71 per barrel (-19.5% y/y) in the week ended June 27 as tensions in the Middle East eased. The decline more than reversed the prior week’s runup to $74.17 per barrel, but remained up from a low $59.04 low in the second week of May 2025. The cost of crude oil peaked at $120.46 in the week of June 10, 2022. Yesterday, the price was $65.11 per barrel. The price of European Brent crude fell to $69.96 per barrel (-19.3% y/y) in the week of June 27 after rising to $78.25 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 the week of June 10, 2022. Yesterday, the price was $68.15 per barrel.
Natural gas prices rose last week to an average $3.30 per mmbtu (31.0% y/y) in the week ended June 27, after increasing to an average $3.08/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 $3.26 per mmbtu.
Gasoline demand rose 0.2% y/y in the four weeks ending June 20 following a 0.9% y/y decline in the prior four weeks. Demand for all petroleum products weakened 1.6% y/y in the four weeks ending June 20 after a 0.3% y/y decline in the previous four-week period. Crude oil input to refineries rose 0.9% y/y in the four weeks ending June 20 after a 0.9% y/y weakening in the prior four weeks.
Gasoline inventories fell 2.5% y/y in the week ending June 20 after a 0.5% y/y decline in the week ending June 13. Residual fuel oil inventories fell 20.3% y/y in the week of June 20, after a 21.9% y/y fall in the prior week. Crude oil inventories declined 1.8% y/y in the week of June 20 after a 0.6% y/y easing in the previous week.
Measured in days’ supply, gasoline inventories fell to 25.0 days in the week of June 20 from 25.4 days in the prior week. The recent low was 22.9 days in the week of November 8, 2024. The supply of crude oil fell to 24.4 days in the week of June 20 from 25.0 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.
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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