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

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.