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Economy in Brief

U.S. Energy Prices Rise
by Tom Moeller  November 14, 2017

Retail gasoline prices rose three cents last week to $2.59 per gallon (18.7% y/y). It was the highest level in seven weeks, but still below the early-September high of $2.69 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. Since prices typically weaken this time of year, the seasonally adjusted gasoline pump price jumped another six cents to $2.71 per gallon, the highest level since January.

WTI crude oil prices rose to $57.05 per barrel last week (27.8% y/y) from $54.59 per barrel a week earlier. Prices eased to $56.76 per barrel yesterday. Brent crude oil prices increased to $64.24 per barrel last week and were $62.94 per barrel yesterday.

Natural gas prices increased last week to $3.12/mmbtu (41.9% y/y) and were stable yesterday.

In the week ended November 3, gasoline demand rose 3.0% y/y, while total petroleum product slipped 0.8% y/y. Gasoline inventories fell 5.2% y/y, while inventories of all petroleum products declined 5.0% y/y. Crude oil input to refineries improved 2.6% 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 11/13/17 11/06/17 10/30/17 Y/Y % 2016 2015 2014
Retail Gasoline ($ per Gallon, Regular) 2.59 2.56 2.49 18.7 2.31 2.03 2.30
Light Sweet Crude Oil, WTI ($ per bbl.) 57.05 54.59 52.59 27.8 43.22 48.90 93.64
Natural Gas ($/mmbtu, LA, WSJ) 3.12 2.74 2.89 41.9 2.49 2.62 4.37
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