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Economy in Brief

U.S. Gasoline Prices Decline to 2010 Low
by Tom Moeller  November 18, 2014

The price for a gallon of regular gasoline last week revisited the lowest level since November 2010. The $2.89 cost (-10.1% y/y) was down from $2.94 during the prior week. To account for seasonal patterns, Haver Analytics constructs factors for adjustment of pump prices. The seasonally adjusted price declined to $3.07 per gallon from $3.09.

WTI crude oil prices fell further to an average $76.50 last week (-18.6% y/y) from $78.24 during the prior period. Yesterday prices slipped to $75.64. The seasonally adjusted price generated by Haver fell to $78.54 per barrel last week. Brent crude oil prices declined to $79.78 per barrel (-25.5% y/y) and fell to $76.85 yesterday.

Natural gas prices improved last week to an average $4.13 per mmbtu (14.3% y/y), the highest level since July, and rose to $4.16 yesterday.

The demand for all petroleum products gained 1.0% y/y in the week ended November 7th while gasoline demand slipped 0.8% y/y. Inventories of crude oil and petroleum products improved by 0.6% y/y but gasoline inventories declined 2.7% 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 11/17/14 11/10/14 11/03/14 Y/Y% 2013 2012 2011
Retail Gasoline ($ per Gallon, Regular) 2.89 2.94 2.99 -10.1 3.51 3.62 3.52
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 76.50 78.24 81.29 -18.6 97.95 94.20 95.14
Natural Gas ($/mmbtu, LA, WSJ) 4.13 3.82 3.63 14.3 3.73 2.75 3.99
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