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Economy in Brief

U.S. Petroleum Prices Move Lower
by Tom Moeller  November 11, 2014

The price of a gallon of regular gasoline fell to $2.94 per gallon last week (-7.9% y/y) from $2.99 during the prior week. The latest was its least expensive price since November 2010. To account for seasonal patterns, Haver Analytics constructs factors for adjustment of pump prices. The seasonally adjusted price declined to $3.09 per gallon from $3.11.

WTI crude oil prices fell sharply to an average $78.23 last week (-17.1% y/y) from $81.29 during the prior period. Yesterday prices slipped to $77.40. The seasonally adjusted price generated by Haver fell to $84.29 per barrel last week. Brent crude oil prices declined to $82.98 per barrel (-20.7% y/y) and yesterday fell further to $82.02.

Natural gas prices improved last week to an average $3.82 per mmbtu (10.4% y/y) and rose to $4.16 yesterday.

The demand for all petroleum products rose 2.4% y/y in the week ended October 31 though gasoline demand slipped 0.9% y/y. Inventories of crude oil and petroleum products improved by 0.6% y/y but gasoline inventories declined 3.9% y/y.

The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the petroleum demand and inventory figures are in OILWKLY.

Weekly Energy Prices 11/10/14 11/03/14 10/27/14 Y/Y% 2013 2012 2011
Retail Gasoline ($ per Gallon, Regular) 2.94 2.99 3.06 -7.9 3.51 3.62 3.52
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 78.23 81.29 81.98 -17.1 97.95 94.20 95.14
Natural Gas ($/mmbtu, LA, WSJ) 3.82 3.63 3.62 10.4 3.73 2.75 3.99
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