U.S. Energy Prices Increase in Latest Week

Retail gasoline prices for all grades rose to an average $3.34 per gallon (-6.2% y/y) last week after rising to $3.27 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 increased to $3.78 per gallon (0.2% y/y) in the week of June 23 from $3.57 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 strengthened to $74.17 per barrel (-8.7% y/y) in the week ended June 20 with building tensions in the Middle East. The gain followed a rise in the prior week to $67.89 per barrel. Prices were at the highest level since the fourth week of January, up from a low $59.04 low in the second week of May. 2023. The cost of crude oil peaked at $120.46 in the week of June 10, 2022. Yesterday, the price was $68.51 per barrel. The price of European Brent crude oil of $78.21 per barrel (-8.0% y/y) in the week of June 20 compared to $71.05 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 $74.34 per barrel.

Natural gas prices increased last week to an average $3.08 per mmbtu (26.2% y/y) in the week ended June 20, after holding steady at $2.84/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 fell 0.9% y/y in the four weeks ending June 13 following a 2.5% y/y decline in the prior four weeks. Demand for all petroleum products weakened 0.3% y/y in the four weeks ending June 13 after a 0.5% y/y rise in the previous four-week period. Crude oil input to refineries fell 0.9% y/y in the four weeks ending June 13 after a 1.1% y/y weakening in the prior four weeks.

Gasoline inventories fell 0.5% y/y in the week ending June13 after a 1.6% y/y decline in the week ending June 6. Residual fuel oil inventories fell 1.9% y/y in the week of June 13, after a19.3% y/y fall in the prior week. Crude oil inventories slipped 0.6% y/y in the week of June 13 after a 0.5% y/y rise in the previous week.

Measured in days’ supply, gasoline inventories fell to 25.4 days in the week of June 13 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 fell to 25.0 days in the week of June 13 from 25.8 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.