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Economy in Brief

U.S. Energy Product Prices Strengthen
by Tom Moeller  December 6, 2016

Regular gasoline prices increased to $2.21 per gallon (7.5% y/y) last week, the highest level in four weeks. Prices remained down versus a 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in these pump prices. The adjusted price last week rose to $2.39 per gallon, and prices have firmed substantially since mid-year.

WTI crude oil prices increased to $48.63 a barrel (20.4% y/y) last week, the highest level in five weeks. Yesterday, prices strengthened further to $51.79. Brent crude oil prices increased to $51.06 last week, then rose to $54.56 yesterday.

Natural gas prices jumped to $3.21/mmbtu last week (51.5% y/y), the highest level since December 2014. Prices rose further to $3.60 yesterday.

Last week, gasoline demand rose 0.1% y/y, while demand for all petroleum products improved 1.0% y/y. Gasoline inventories rose 4.3% y/y, and inventories of all petroleum products increased 3.3% y/y. Crude oil input to refineries eased 0.4% 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 12/05/16 11/28/16 11/21/16 Y/Y % 2015 2014 2013
Retail Gasoline ($ per Gallon, Regular) 2.21 2.15 2.15 7.5 2.03 2.30 3.33
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 48.63 47.56 45.17 20.4 48.90 93.64 97.96
Natural Gas ($/mmbtu, LA, WSJ) 3.21 2.76 2.43 51.5 2.62 4.37 3.73
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