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Economy in Brief

U.S. Gasoline Prices Ease; Crude Oil Costs Improve
by Tom Moeller  July 18, 2017

Regular gasoline prices fell to $2.28 per gallon last week (+2.2% y/y) from $2.30 in the prior week. They were down versus the high of $2.45 per gallon in late-April. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally adjusted gasoline price declined to $2.09 per gallon, and remained down from the high of $2.71 in early-January.

WTI crude oil prices rose to $45.51 per barrel last week (-0.2% y/y), but remained down from $53.18 in early-April. Prices rose to $46.02 yesterday. Brent crude oil prices fell to $47.79 per barrel last week then rebounded to $48.45 per barrel yesterday.

Natural gas prices improved to $2.95/mmbtu last week (6.5% y/y) and were $3.02 yesterday.

Last week, gasoline demand slipped 0.3% y/y, while total petroleum product demand improved 2.8% y/y. Gasoline inventories fell 1.8% y/y, while inventories of all petroleum products eased 1.6% y/y. Crude oil input to refineries increased 3.0% 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 07/17/17 07/10/17 07/03/17 Y/Y % 2016 2015 2014
Retail Gasoline ($ per Gallon, Regular) 2.28 2.30 2.26 2.2 2.31 2.03 2.30
Light Sweet Crude Oil, WTI ($ per bbl.) 45.51 45.23 44.64 -0.2 43.22 48.90 93.64
Natural Gas ($/mmbtu, LA, WSJ) 2.95 2.89 2.98 6.5 2.49 2.62 4.37
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