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Economy in Brief

U.S. Gasoline & Crude Oil Costs Decline; Natural Gas Prices Increase
by Tom Moeller  November 25, 2014

The price for a gallon of regular gasoline fell to $2.82 last week (-14.3% y/y), down from $2.89 during the prior week and off versus $3.69 averaged in June. To account for seasonal patterns, Haver Analytics constructs factors for adjustment of pump prices. The seasonally adjusted price declined to $3.03 per gallon from $3.07.

WTI crude oil prices fell further to an average $75.37 last week (-19.6% y/y) from $76.50 during the prior period. Yesterday prices were $75.78. The seasonally adjusted price generated by Haver slipped to $78.21 per barrel last week. Brent crude oil prices declined to $77.64 per barrel last week (-29.0% y/y) and improved to $78.79 yesterday.

Natural gas prices rose last week to an average $4.33 per mmbtu (17.7% y/y), the highest level since early July, but retreated to $4.06 yesterday.

The demand for all petroleum products declined 2.3% y/y in the week ended November 14th while gasoline demand slipped 0.2% y/y. Inventories of crude oil and petroleum products improved by 1.3% y/y but gasoline inventories declined 2.0% 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 11/24/14 11/17/14 11/10/14 Y/Y% 2013 2012 2011
Retail Gasoline ($ per Gallon, Regular) 2.82 2.89 2.94 -14.3 3.51 3.62 3.52
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 75.37 76.50 78.24 -19.6 97.95 94.20 95.14
Natural Gas ($/mmbtu, LA, WSJ) 4.33 4.13 3.82 17.7 3.73 2.75 3.99
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