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Economy in Brief

U.S. Gasoline & Crude Oil Prices Fall
by Tom Moeller  June 13, 2017

Regular gasoline prices dipped to $2.37 per gallon last week (-1.4% y/y), the lowest level in four weeks. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. Since prices normally rise this time of year, the seasonally adjusted gasoline price declined to $2.18 per gallon, the lowest level since the end of September.

WTI crude oil prices declined to $46.54 per barrel last week (-7.3% y/y). Prices were at their lowest level since late-November, and remained down from $53.18 in early-April. Prices eased to $46.08 yesterday. Brent crude oil prices declined to $48.86 per barrel last week and were $48.30 per barrel yesterday.

Natural gas prices held steady at $2.96/mmbtu last week (+26.9% y/y), then improved to $3.08 yesterday.

Last week, gasoline demand fell 0.7% y/y, while total petroleum product demand declined 1.2% y/y. Gasoline inventories rose 0.3% y/y and inventories of all petroleum products were little changed. Crude oil input to refineries increased 5.9% 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 06/12/17 06/05/17 05/29/17 Y/Y % 2016 2015 2014
Retail Gasoline ($ per Gallon, Regular) 2.37 2.41 2.41 -1.4 2.31 2.03 2.30
Light Sweet Crude Oil, WTI ($ per bbl.) 46.54 48.50 50.35 -7.3 43.22 48.90 93.64
Natural Gas ($/mmbtu, LA, WSJ) 2.96 2.96 3.14 26.9 2.49 2.62 4.37
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