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Economy in Brief

U.S. Petroleum Prices Remain Firm
by Tom Moeller  June 05, 2018

Retail gasoline prices eased to $2.94 per gallon last week (+21.8% y/y) from $2.96 per gallon during the prior week. They remained near the highest price level since November 2014. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price fell slightly to $2.76 per gallon.

West Texas Intermediate crude oil prices declined to an average of $66.97 (+38.1% y/y) per barrel last week versus $70.97 per barrel in the week prior. Prices declined yesterday to $64.75 per barrel. Brent crude oil prices eased to an average of $76.62 per barrel last week and were $75.34 yesterday.

Natural gas prices improved to an average of $2.86/mmbtu last week (-3.2% y/y) from $2.83/mmbtu and were $2.92 yesterday.

In the four-weeks ending May 25, gasoline demand increased 0.8% y/y, while total petroleum product demand rose 1.3% y/y. Gasoline inventories declined 1.1% y/y, while inventories of all petroleum products dropped 8.4% y/y. Crude oil input to refineries declined 3.0% y/y in the last four weeks.

This data is reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.

Weekly Energy Prices 06/03/18 05/28/18 05/21/18 Y/Y % 2017 2016 2015
Retail Gasoline ($ per Gallon Regular, Monday Price) 2.94 2.96 2.92 21.8 2.47 2.31 2.03
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 66.97 70.97 71.31 38.1 50.87 43.22 48.90
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.86 2.83 2.78 -3.2 2.96 2.49 2.62
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