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Economy in Brief

U.S. Gasoline Prices Ease; Crude Oil Costs Rise
by Tom Moeller  February 27, 2018

Retail gasoline prices slipped to $2.55 per gallon last week (+10.1% y/y) from $2.56 per gallon during the prior week. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price fell to $2.70 per gallon from $2.77.

WTI crude oil prices rebounded to $62.48 per barrel last week (15.7% y/y), and more-than-reversed the prior week's decline. Prices rose further yesterday to $63.91 per barrel. Brent crude oil prices increased to $65.52 per barrel last week and rose to $67.96 yesterday.

Natural gas prices improved to $2.60/mmbtu last week (2.7% y/y) and were $2.59/mmbtu yesterday.

In the week ended February 9, gasoline demand increased 5.4% y/y, while total petroleum product demand improved 4.3% y/y. Gasoline inventories declined 2.8% y/y, while inventories of all petroleum products fell 8.8% 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 02/26/18 02/19/18 02/12/18 Y/Y % 2017 2016 2015
Retail Gasoline ($ per Gallon, Regular) 2.55 2.56 2.61 10.1 2.47 2.31 2.03
Light Sweet Crude Oil, WTI ($ per bbl.) 62.48 60.47 62.01 15.7 50.87 43.22 48.90
Natural Gas ($/mmbtu, LA, WSJ) 2.60 2.52 2.72 2.7 2.96 2.49 2.62
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