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Economy in Brief

U.S. Gasoline Prices Fall Further While Weekly Crude and Nat Gas Prices Edge Up
by Sandy Batten  August 27, 2019

The U.S. pump price for gasoline eased to $2.57 per gallon (-8.9% y/y) last week from the prior week's $2.60 per gallon. Prices have fallen for six consecutive weeks. Haver Analytics calculates a series which is adjusted for the seasonal variation in gasoline pump prices. The seasonally adjusted price fell to $2.50 per gallon from $2.52 in the prior week, again the sixth consecutive weekly decline.

West Texas Intermediate crude oil prices edged up to $55.52 per barrel (-18.1% y/y) in the week ended August 23 from $55.31 in the previous week. This was the third weekly increase in the past four weeks. Yesterday, the price of WTI slipped to $53.64 from $54.17 on Friday. Brent crude oil price rose to $60.01 per barrel (-18.7% y/y) last week compared to an average $59.15 per barrel in the previous week. Yesterday, the price was $58.83 versus $60.05 on Friday.

The price of natural gas increased to $2.27 per mmbtu (-24.6% y/y) in the week ended August 23 from $2.21/mmbtu averaged in the previous week. This was the second consecutive weekly increase. Yesterday, the price of natural gas was $2.23/mmbtu versus $2.15/mmbtu on Friday.

For the four-weeks ending August 16, U.S. gasoline demand increased 1.5% y/y on top of a 0.6% y/y gain the previous week while total petroleum product demand rose 3.1% y/y. In the week ended August 16, U.S. gasoline inventories slipped 0.1% y/y, the first annual decline in three weeks while inventories of all petroleum products increased 4.0% y/y. Crude oil input to U.S. refineries fell 1.1% y/y.

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 8/26/2019 8/19/2019 8/12/2019 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.57 2.60 2.62 -8.9 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 55.52 55.31 53.25 -18.1 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.27 2.21 2.11 -24.6 3.15 2.96 2.49
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