Haver Analytics
Haver Analytics
USA
| May 20 2025

U.S. Gasoline & Crude Oil Prices Rise in Latest Week; Natural Gas Steadies

Summary
  • Gasoline prices increase.
  • Crude oil prices recover.
  • Natural gas costs are little-changed.

Retail gasoline prices for all grades rose to an average $3.30 per gallon (-10.9% y/y) in the week ended May 19 after falling to an average $3.25 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 increased to $3.54 per gallon (-6.7% y/y) in the week of May 19 after easing to $3.48 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 an average $62.58 per barrel (-21.7% y/y) in the week ended May 16 after falling to $59.04 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 $62.69 per barrel. The price of European Brent crude oil increased to $65.54 per barrel (-19.7% y/y) in the week of May 16 from $62.29 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 $66.25 per barrel.

Natural gas prices were fairly steady at $3.20 per mmbtu (43.5% y/y) in the week ended May 16, after improving to $3.19/mmbtu in the prior week. Prices have been well below earlier highs for four weeks but were well 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 $2.96/mmbtu.

Gasoline demand rose 3.8% y/y in the four weeks ending May 9 following a 3.5% y/y rise in the prior four weeks. Demand for all petroleum products fell 1.2% y/y in the four weeks ending May 9 after a 0.6% y/y decline in the previous four-week period. Crude oil input to refineries rose 1.1% y/y in the four weeks ending May 9 after a 0.4% y/y gain in the prior four weeks.

Gasoline inventories fell 1.3% y/y in the week ending May 9 after a 1.0% y/y fall in the week ending May 2. Residual fuel oil inventories fell 17.0% y/y in the week of May 9, after a 10.9% y/y fall in the prior week. Crude oil inventories rose 2.0% y/y in the week of May 9 after a 1.3% y/y rise in the previous week.

Measured in days’ supply, gasoline inventories fell w/w to 25.0 days in the week of May 9 from 25.3 days in the prior. The recent low was 22.9 days in the week of November 8. The supply of crude oil eased w/w to 27.4 days in the week of May 9 after falling to 27.6 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.

  • 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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