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Economy in Brief

U.S. Gasoline Prices Little Changed; Oil and Nat Gas Prices Fall
by Sandy Batten  October 8, 2019

In the week ended October 7, the U.S. pump price for gasoline edged up to $2.65 per gallon (-8.9% y/y) from $2.64 the previous week. This price has been relatively stable for the past three weeks. Haver Analytics adjusts these price figures for seasonal variation. The seasonally adjusted price was unchanged at $2.54 per gallon.

In the week ended October 4, the price of West Texas Intermediate crude oil fell to $53.12 per barrel (-29.3% y/y) from $56.95 per barrel in the previous week. This was the second consecutive significant weekly decline and the lowest weekly price since mid-June after the price had spiked up in the week of September 13 following an attack on some key Saudi Arabian production facilities. Yesterday, the price was $52.75 per barrel. The price of Brent crude oil fell to $58.35 per barrel (-31.3% y/y) from $62.92 the previous week. Yesterday, the price was also $58.35.

The price of natural gas fell sharply to $2.33 per mmbtu (-27.9% y/y) in the week ended October 4 from $2.52 per mmbtu in the previous week. This was the third consecutive weekly decline though the price remained above the recent low of $2.11 averaged in the second week of August. Yesterday the price edged up to $2.36.

For the four weeks ending September 27, U.S. gasoline demand slipped 0.1% y/y while total petroleum product demand increased 2.1% y/y. U.S. gasoline inventories fell 2.2% y/y while inventories of all petroleum products increased 1.7% y/y. Crude oil input to U.S. refineries fell 2.4% 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, demand, production and inventories, including regional breakdowns, are in OILWKLY.

Weekly Energy Prices 10/7/19 9/30/19 9/23/19 Y/Y % 2018 2017 2016
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) 2.65 2.64 2.65 -8.9 2.27 2.47 2.31
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 53.12 56.95 59.30 -29.3 64.95 50.87 43.22
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.33 2.52 2.63 -27.9 3.18 2.99 2.51
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