U.S. Energy Prices Are Mixed in Latest Week

Retail gasoline prices for all grades averaged $3.25 per gallon (-9.5% y/y) last week for the third 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 rose to $3.81 per gallon (0.9% 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 fell to $66.95 per barrel (-18.8% y/y) in the week ended July 18. The decline followed the prior week’s rise to $67.93 per barrel, but prices 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 $67.20 per barrel. The price of European Brent crude fell to $70.66 per barrel (-17.9% y/y) in the week of July 18 after rising to $71.77 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 $71.92 yesterday.

Natural gas prices jumped to an average $3.39/mmbtu (67.8% y/y) in the week ended July 18, the highest level since the second week of April, after easing to an average $3.17/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 $3.50 per mmbtu.

Gasoline demand declined 1.6% y/y in the four weeks ending July 11 following a 1.0% y/y easing in the prior four weeks. Demand for all petroleum products weakened 1.1% y/y in the four weeks ending July 11 after a 1.6% y/y decline in the previous four-week period. Crude oil input to refineries rose 0.9% y/y in the four weeks ending July 11 after a 1.1% y/y gain in the prior four weeks.

Gasoline inventories eased 0.1% y/y in the week ending July 11 after a 0.1% y/y dip in the prior week. Residual fuel oil inventories fell 27.0% y/y in the week of July 11, after a 20.5% y/y fall in the prior week. Crude oil inventories rose 1.3% y/y in the week of July 4 after the same y/y rise in the previous week.

Measured in days’ supply, gasoline inventories rose to 25.9 days in the week of July 11 from 25.0 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 24.9 days in the week of July 11 from 25.1 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.