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Economy in Brief

U.S. Energy Prices Weaken
by Tom Moeller  October 11, 2017

Retail gasoline prices declined last week to $2.50 per gallon (+10.2% y/y) and were lower than the $2.69 high early last month. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally adjusted gasoline price fell to $2.48 per gallon.

WTI crude oil prices slipped to $50.22 per barrel last week (+1.5% y/y) from $51.76 per barrel. Prices improved yesterday to $50.92 per barrel. Brent crude oil prices declined to $56.07 per barrel last week and were $56.52 per barrel yesterday.

Natural gas prices declined to $2.83/mmbtu last week (-1.9% y/y) and were $2.90 yesterday.

In the week ended September 29, gasoline demand rose 1.3% y/y, while total petroleum product demand gained 1.9% y/y. Gasoline inventories fell 3.7% y/y, while inventories of all petroleum products also declined 3.7% y/y. Crude oil input to refineries fell 6.4% y/y in the last four weeks, compared to sharp y/y improvement earlier this year.

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 10/09/17 10/02/17 09/25/17 Y/Y % 2016 2015 2014
Retail Gasoline ($ per Gallon, Regular) 2.50 2.57 2.58 10.2 2.31 2.03 2.30
Light Sweet Crude Oil, WTI ($ per bbl.) 50.22 51.76 50.14 1.5 43.22 48.90 93.64
Natural Gas ($/mmbtu, LA, WSJ) 2.83 2.94 3.09 -1.9 2.49 2.62 4.37
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