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Economy in Brief

U.S. Energy Prices Continue to Strengthen
by Tom Moeller  June 15, 2021

• Gasoline prices reach seven-year high.

• Crude oil prices climb to highest level since October 2018.

• Natural gas prices improve further.

Retail gasoline prices rose to $3.07 per gallon (46.3% y/y) in the week ended June 14 from $3.04 in the week prior. It was the highest level since October 2014. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price rose eight cents to $2.92 per gallon last week.

The price of West Texas Intermediate crude oil rose to $70.10 per barrel (85.1% y/y) in the week ended June 11. It has increased from $65.17 averaged in May. Yesterday, the price rose again to $70.88 per barrel. The average price of Brent crude oil increased to $72.18 per barrel (80.5% y/y) last week from $70.84 per barrel during the prior week. Prices averaged $67.96 in May. The price rose yesterday to $72.89 per barrel.

Natural gas prices strengthened to $3.12/mmbtu (83.5% y/y) in the week ended June 11, the highest price in four months. The price increased further to $3.36/mmbtu yesterday.

In the four weeks ended June 4, gasoline demand rose 23.2% y/y and demand for all petroleum products rose 16.7% y/y. Crude oil input to refineries rose 17.4% y/y. Gasoline inventories dropped 6.8% y/y, while crude oil inventories declined 8.1%.

The supply of gasoline inventories in the week ending June 4 was 26.5 days, down sharply from 32.1-day inventory in February. The supply of crude oil inventories eased to 30.6 days from 39.7 days in March.

These data are reported by the Energy Information Administration of 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 are in USENERGY.

Weekly Energy Prices 06/14/21 06/07/21 05/31/21 Y/Y % 2020 2019 2018
Retail Gasoline ($ per Gallon, Regular, Monday) 3.07 3.04 3.03 46.3 2.24 2.57 2.27
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 70.10 68.75 66.35 85.1 39.43 56.91 64.95
Natural Gas ($/mmbtu, LA, Previous Week's Average) 3.12 3.03 2.86 83.5 2.03 2.57 3.18
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