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Economy in Brief

U.S. Gasoline, Crude Oil & Natural Gas Prices Increase
by Tom Moeller  January 23, 2018

Retail gasoline prices rose to $2.57 per gallon (10.4% y/y) last week from $2.56 per gallon. It was the highest level since November. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The price surged to $2.80 per gallon, the highest level since December 2014.

WTI crude oil prices increased slightly to $63.78 (23.1% y/y) per barrel last week following the prior week's rise to $63.25 per barrel. It was the highest cost since early-December 2014. Prices slipped yesterday to $63.49 per barrel. Brent crude oil prices eased to $69.39 per barrel last week and were $69.32 yesterday.

Natural gas prices strengthened to $3.88/mmbtu (19.6% y/y), but declined to $3.13/mmbtu yesterday.

In the week ended January 12, gasoline demand strengthened 3.9% y/y, while total petroleum product demand surged 6.2% y/y. Gasoline inventories declined 2.2% y/y, while inventories of all petroleum products declined 7.8% y/y. Crude oil input to refineries improved 3.6% 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 1/22/18 1/15/18 1/8/18 Y/Y % 2017 2016 2015
Retail Gasoline ($ per Gallon, Regular) 2.57 2.56 2.52 10.4 2.47 2.31 2.03
Light Sweet Crude Oil, WTI ($ per bbl.) 63.78 63.25 61.38 23.1 50.87 43.22 48.90
Natural Gas ($/mmbtu, LA, WSJ) 3.88 3.22 5.21 19.6 2.96 2.49 2.62
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