Gasoline prices at the pump fell last week to the lowest level since February. Averaging $2.33 per gallon (-30.6% y/y), gasoline was down 5 cents from a week earlier and below $2.84 in mid-June. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The seasonally adjusted price fell 2 cents w/w to $2.23 per gallon. Spot market gasoline prices fell sharply w/w to $1.32 per gallon (-50.5% y/y).

WTI crude oil costs were little-changed last week at 45.48 (-51.4% y/y), down from $107.23 in May 2014. As of yesterday, prices improved to $46.68 per barrel. These prices compare to a June 2014 high of $107.95. The seasonally adjusted price, generated by Haver Analytics, also held at $42.90 last week. Brent crude oil prices eased w/w to $47.34 per barrel and were $48.60 yesterday.

Natural gas prices eased last week to $2.68 per mmbtu (-31.4% y/y) and were $2.59 yesterday.

Gasoline demand rose 2.0% y/y last week while demand for all petroleum products eased 0.7% higher. Gasoline inventories increased 3.2% y/y and inventories of all petroleum products increased 9.1% y/y. Crude oil production (input to refineries) grew 0.1% y/y during the last four weeks.

The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.