U.S. Energy Prices Strengthen in Latest Week

Retail gasoline prices for all grades increased to $3.71 per gallon (0.2% y/y) in the week ended April 8 from $3.64 in the prior week. These compare to a low of $3.18 in the middle of January. The recent high stands at $4.00 per gallon in the third week of September, and the all-time high was $5.11 in the week ended June 13, 2022. Retail prices for on-highway diesel fuel moved up to an average $4.06 per gallon (-0.9% y/y) last week from $4.00 in the prior week. A recent low of $3.77 per gallon occurred in the week ended July 3, 2023.

The average price of West Texas Intermediate crude oil strengthened to $85.88 per barrel (6.6% y/y) in the week ended April 5 versus an average $82.34 in the prior week. It remained near the highest price since late-October and stood well above its low of $74.31 per barrel in the week of June 30, 2023. The price remained below a high of $91.45 in the week of September 29, 2023. The all-time high was seen in the week of July 4, 2008 at $142.46 per barrel. Yesterday, the price of West Texas Intermediate crude oil was $86.43 per barrel. The price of European Brent crude oil increased to $89.34 per barrel (7.3% y/y) in the week ended April 5 compared to $86.15. The price of Brent has recently ranged from a low of $74.31 in the week ended June 30, 2023 to a high of $121.57 in the week ended June 10, 2022. Yesterday, the price was $90.07 per barrel.

Natural gas prices jumped to an average of $1.70/mmbtu (-20.6% y/y) in the week ended April 6 from $1.48/mmbtu in the prior week. These compare to a recent high of $3.20 averaged in the week of October 13, 2023. Yesterday, the natural gas price was $1.73/mmbtu.

Gasoline demand eased 0.5% y/y in the four weeks ended March 29 after rising 0.9% y/y in the four weeks ended March 22. Demand for all petroleum products rose 1.4% y/y, after a 2.2% y/y rise in the prior four-week period. Crude oil input to refineries rose 1.7% y/y in the four weeks ended March 29 after rising 1.8% y/y in the previous four week period.

Gasoline inventories rose 2.4% y/y in the week of March 29, the same as during the prior week. Inventories of residual fuel oil increased 1.0% y/y in the week of March 29 after declining 1.1% y/y in the previous week. Crude oil inventories, including the Strategic Petroleum Reserve, decreased 3.1% y/y in the week of March 29 after a 4.0% y/y fall in the prior week.

Measured in days’ supply, gasoline inventories were 25.5 days in the week of March 29 after 26.1 days in the prior week. The recent low was 23.4 days in the week of June 30, 2023. Crude oil inventories held fairly steady at 28.5 days of supply in the week of March 22, down from 29.0 days in the prior week. These compare to a recent high of 31.9 days in the week of March 3, 2023 and a low of 25.0 days in the week of September 1, 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.