U.S. Energy Product Prices Fall in Latest Week
- Gasoline prices reverse prior week’s increase.
- Crude oil & natural gas prices decline sharply.
- Petroleum demand increases.
Retail gasoline prices dipped to $3.66 per gallon (-26.6% y/y) last week from $3.68 per gallon during the prior week. This average price for all grades of gasoline remained above the $3.20 low in the last week of December, but they were below the high of $5.11 per gallon in the second week of June 2022. The retail price of diesel fuel fell to $3.80 per gallon (-33.4% y/y) from $3.86 in the prior week and well below the peak of $5.81 averaged in the third week of June 2022. It was the lowest price since the fourth week of January 2022.
The price of West Texas Intermediate crude oil price fell to $69.85 per barrel (-40.0% y/y) in the week ended June 2 from $72.64 per barrel in the prior week. It was the lowest price since the fourth week of March. They remain below a recent high of $81.87 in the second week of April and $120.46 per barrel in the second week June 2022. Yesterday, the price was $72.15 per barrel. Brent crude oil prices declined to $73.89 per barrel (-40.5% y/y) from $76.48 in the prior week, well below the $127.40 peak in mid-June 2022. Yesterday, the price was $76.61 per barrel.
The price of natural gas fell to $1.93/mmbtu (-77.4% y/y) in the week ended June 2 from $2.18 in the previous week. The price was the lowest since the second week of October 2020. Prices have fallen from their recent high of $6.78/mmbtu in the third week of December and from $9.56/mmbtu in the last week of August of 2022. Yesterday, the price was $1.92/mmbtu.
In the four weeks ended May 26, gasoline demand rose 3.5% from a year ago after increasing 2.5% in the prior week. Demand for all petroleum products rose 2.3% in the latest four weeks, down from 2.8% in the week prior. Crude oil input to refineries edged 0.1% higher from a year ago.
Gasoline inventories fell 1.3% y/y in the week of May 26. Crude oil inventories fell 13.4% from a year ago. Inventories of distillate fuel oil rose 0.2% y/y and residual fuel oil inventories rose 22.9% y/y.
Measured in days’ supply, gasoline inventories in the week ended May 26 eased to 23.5 days from 23.9 days in the previous week. It was the lowest level since the second week of November. The supply of crude oil held steady at 28.7 days, still above its low of 25.3 days at the end of June 2022.
These data are reported by the Energy Information Administration of the U.S. Department of Energy. The price data can be found in Haver’s WEEKLY database.
Tom MoellerAuthorMore 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.