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Economy in Brief

U.S. Gasoline & Crude Oil Prices Stabilize
by Tom Moeller  September 29, 2015

Gasoline prices at the pump were fairly stable last week at $2.32 per gallon (-30.8% y/y) but remained below $2.84 in mid-June. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The seasonally adjusted price increased 3 cents w/w to $2.26 per gallon.

WTI crude oil costs of $45.59 (-51.1% y/y) compared to $45.48 during the prior week and were down from a $107.23 high in June 2014. Prices moved lower yesterday to $44.43 per barrel. The seasonally adjusted price, generated by Haver Analytics, also held at $43.85 last week. Brent crude oil prices eased w/w to $48.41 per barrel and were $46.04 yesterday.

Natural gas prices eased last week to $2.57 per mmbtu (-33.6% y/y) and were $2.63 yesterday.

Gasoline demand rose 3.0% y/y last week while demand for all petroleum products improved 1.6% y/y. Gasoline inventories increased 4.0% y/y and inventories of all petroleum products increased 8.9% y/y. Crude oil production (input to refineries) eased 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.

Weekly Energy Prices 09/28/15 09/21/15 09/14/15 Y/Y% 2014 2013 2012
Retail Gasoline ($ per Gallon, Regular) 2.32 2.33 2.38 -30.8 2.30 3.33 3.30
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 45.59 45.48 45.16 -51.1 93.64 97.96 94.20
Natural Gas ($/mmbtu, LA, WSJ) 2.57 2.68 2.71 -33.6 4.37 3.73 2.75
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