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Economy in Brief

U.S. Petroleum & Natural Gas Prices Fall
by Tom Moeller  November 15, 2016

Energy product prices continued to decline last week. Regular gasoline prices declined to $2.18 per gallon (+0.3% y/y) last week, the lowest level since mid-August. Prices remained down versus a 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The adjusted price fell to $2.29 per gallon.

WTI crude oil prices fell to $44.64 per barrel last week (+4.5% y/y). Yesterday, prices fell further to $43.32 per barrel, but remained up versus a daily low of $26.21 per barrel in February. Brent crude oil prices declined to $45.73 per barrel last week, then were $44.51 yesterday.

Natural gas prices declined 9.6% (+5.9% y/y) last week to $2.20 per mmbtu. Prices have fallen from $3.15 four weeks ago, and neared the lowest level since early May. Prices were $2.22 yesterday.

Last week, gasoline demand declined 2.1% y/y, while demand for all petroleum products improved 1.5% y/y. Gasoline inventories rose 3.6% y/y and inventories of all petroleum products increased 3.2% y/y. Crude oil production (input to refineries) eased 0.6% y/y in 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 11/14/16 11/07/16 10/31/16 Y/Y % 2015 2014 2013
Retail Gasoline ($ per Gallon, Regular) 2.18 2.23 2.23 0.3 2.03 2.30 3.33
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 44.64 45.51 49.45 4.5 48.90 93.64 97.96
Natural Gas ($/mmbtu, LA, WSJ) 2.20 2.43 2.69 5.9 2.62 4.37 3.73
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