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Economy in Brief

U.S. Petroleum Prices Ease Slightly
by Peter D'Antonio  June 12, 2018

Retail gasoline prices eased to $2.91 per gallon last week (+23.0% y/y) from $2.94 per gallon during the prior week. This was the second consecutive weekly decline, which probably signals the end of the traditional price increase in anticipation of the summer driving season. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price fell slightly to $2.74 per gallon.

West Texas Intermediate crude oil prices declined to an average of $65.34 (+40.4% y/y) per barrel last week, which was down from $66.97 per barrel in the week prior and from the recent high of $71.31 per barrel three weeks ago. Brent crude oil prices eased to an average of $75.92 per barrel last week and were $76.43 yesterday.

Natural gas prices increased to an average of $2.88/mmbtu last week (-2.4% y/y) from $2.86/mmbtu and were $2.95 yesterday.

In the four-weeks ending June 1, gasoline demand declined 1.1% y/y, while total petroleum product demand edged up 0.2% y/y. Gasoline inventories declined 0.6% y/y, while inventories of all petroleum products dropped 8.0% y/y. Crude oil input to refineries declined 2.0% y/y in the last four weeks.

These data are 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 06/11/18 06/04/18 05/28/18 Y/Y % 2017 2016 2015
Retail Gasoline ($ per Gallon Regular, Monday Price) 2.91 2.94 2.96 23.03 2.47 2.31 2.03
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 65.34 66.97 70.97 40.40 50.87 43.22 48.90
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.88 2.86 2.83 -2.44 2.96 2.49 2.62
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