U.S. Energy Prices Weaken in Latest Week

Retail gasoline prices for all grades fell to an average $3.26 per gallon (-10.5% y/y) in the week ended June 2 after rising to an average $3.29 in the previous week. Prices remained above their low of $3.13 in the week of December 9. An earlier high was $3.79 in the week ending April 22, 2024. The all-time high of $5.11 occurred in the week ending June 13, 2022. The retail price for on-highway diesel fuel declined to $3.45 per gallon (-7.4% y/y) in the week of June 2 after falling to $3.49 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 slipped to an average $61.12 per barrel (-22.4% y/y) in the week ended May 30 after rising to $61.91 per barrel in the prior week. Prices remained below a high of $91.45 in the week of September 29, 2023. The cost of crude oil peaked at $120.46 in the week of June 10, 2022. Yesterday, the price was $62.52 per barrel. The price of European Brent crude oil of $64.74 per barrel (-20.0% y/y) in the week of May 30 compared to $65.86 in the previous week. Prices remained well below a recent high of $95.61 in the week of September 29, 2023 and compared to a peak of $127.40 in the week of June 10, 2022. Yesterday, the price was $66.55 per barrel.

Natural gas prices eased to $3.03 per mmbtu (+48.5% y/y) in the week ended May 30, after falling to $3.05/mmbtu in the prior week. Prices remained well below earlier highs but were above their low of $1.40/mmbtu in the week of March 15, 2024. Prices peaked at $9.56/mmbtu in the week of August 26, 2022. Yesterday’s price was $3.00/mmbtu.

Gasoline demand fell 1.5% y/y in the four weeks ending May 23 following a 1.0% y/y rise in the prior four weeks. Demand for all petroleum products eased 0.2% y/y in the four weeks ending May 23 after a 2.8% y/y decline in the previous four-week period. Crude oil input to refineries slipped 0.7% y/y in the four weeks ending May 23 after a 1.1% rise in the prior four weeks.

Gasoline inventories fell 2.5% y/y in the week ending May 23 after a 0.6% y/y fall in the prior four weeks. Residual fuel oil inventories fell 18.6% y/y in the week of May 23, after a 21.1% y/y fall in the prior week. Crude oil inventories rose 2.1% y/y in the week of May 23 after a 1.9% y/y rise in the previous week.

Measured in days’ supply, gasoline inventories fell to 25.1 days in the week of May 23 from 25.6 days in the prior week. The recent low was 22.9 days in the week of November 8. The supply of crude oil edged down to 27.0 days in the week of May 23 after easing to 27.3 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.