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Economy in Brief

U.S. Energy Product Prices Slide Further
by Sandy Batten  July 30, 2019

The pump price for a gallon of regular gasoline in the U.S. fell again in the week ended July 29 to $2.72 (-4.6% y/y) from $2.75 the previous week. This is the lowest price in five weeks. Haver Analytics calculates a series which is adjusted for the seasonal variation in gasoline pump prices. Over the same period, the seasonally adjusted price eased to $2.64 per gallon from $2.67.

West Texas Intermediate crude oil prices eased to $56.11 per barrel (-19.9% y/y) in the week ended July 26 from $56.88 in the previous week. It was the lowest price in five weeks. Yesterday, prices edged up to $56.87 from $56.20 on Friday. Brent crude oil prices declined to an average of $63.46 per barrel (-14.0% y/y) last week from $63.86 per barrel in the previous week. Yesterday, the price rose to $63.68 from $63.51 on Friday.

The price of natural gas slumped to $2.28 per mmbtu (-16.9% y/y) in the week ended July 26 from $2.44/mmbtu averaged in the previous week. This is the lowest weekly average price since the week ended on November 11, 2016. Yesterday, the price of natural gas was unchanged from Friday at $2.23/mmbtu.

For the four-weeks ending July 19, U.S. gasoline demand fell 1.5% y/y, while total petroleum product demand edged down 0.3% y/y. U.S. gasoline inventories slipped 0.4% y/y, but inventories of all petroleum products were up 5.2% y/y. Crude oil input to U.S. refineries was 1.1% below a year earlier.

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

Weekly Energy Prices 7/29/2019 7/22/2019 7/15/2019 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.72 2.75 2.78 -4.6 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 56.11 56.88 59.11 -19.9 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.28 2.44 2.47 -16.9 3.15 2.96 2.49
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