U.S. Energy Prices Remain Mixed in Latest Week
by:Tom Moeller
|in:Economy in Brief
Summary
- Gasoline prices stabilize.
- Crude oil prices increase slightly.
- Natural gas prices ease.
Retail gasoline prices for all grades held at an average $3.25 per gallon (-10.0% y/y) last week after falling from $3.29 in the last week of June. 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 improved to $3.76 per gallon (-1.8% y/y) in the week of July 14 after falling to $3.74 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 increased to $67.93 per barrel (-18.1% y/y) in the week ended July 11. The decline followed the prior week’s easing to $66.25 per barrel, but prices remained above a $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 $66.98 per barrel. The price of European Brent crude rose to $71.77 per barrel (-17.3% y/y) in the week of July 11 after falling to $69.61 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 $70.96 yesterday.
Natural gas prices eased last week to an average $3.17/mmbtu (+40.3% y/y) in the week ended July 11, after falling to an average $3.19/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 $3.21 per mmbtu.
Gasoline demand declined 1.0% y/y in the four weeks ending July 4 following a 0.1% y/y easing in the prior four weeks. Demand for all petroleum products weakened 1.6% y/y in the four weeks ending July 4 after a 1.1% y/y decline in the previous four-week period. Crude oil input to refineries rose 1.1% y/y in the four weeks ending July 4 after a 1.6% y/y gain in the prior four weeks.
Gasoline inventories eased 0.1% y/y in the week ending July 4 after a 0.2% y/y gain in the prior week. Residual fuel oil inventories fell 20.5% y/y in the week of July 4, after a 20.9% y/y fall in the prior week. Crude oil inventories rose 1.3% y/y in the week of July 4 after a 0.1% y/y rise in the previous week.
Measured in days’ supply, gasoline inventories fell to 25.0 days in the week of July 4 from 25.2 days in the prior week. The recent low was 22.9 days in the week of November 8, 2024. The supply of crude oil rose to 25.1 days in the week of July 4 from 24.6 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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