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Economy in Brief

U.S. Energy Prices Continue to Strengthen
by Tom Moeller  July 7, 2021

• Gasoline prices & demand firm.

• Crude oil prices continue higher.

• Natural gas prices surge.

Retail gasoline prices rose to $3.12 per gallon (43.4% y/y) in the week ended July 5 from $3.09 during the prior week. It was the highest price since October 2014. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price increased to $3.01 per gallon from $2.99 in the previous week.

The price of West Texas Intermediate crude oil rose to $74.00 per barrel (85.7% y/y) in the week ended July 2 from $73.48 in the prior week. Prices have roughly doubled since late-October 2020. Yesterday, the price eased to $73.37 per barrel yesterday. The average price of Brent crude oil increased to $75.12 per barrel (78.3% y/y) last week, the highest price since October 2018, from $75.30 per barrel during the prior week. The price eased to $74.63 per barrel yesterday.

Natural gas prices jumped to $3.72/mmbtu (121.4% y/y) in the week ended July 2, the highest price since the third week of February. The price eased to $3.68/mmbtu yesterday.

In the four weeks ended June 25, gasoline demand increased 10.7% y/y and demand for all petroleum products rose 13.3% y/y. Crude oil input to refineries rose 17.7% y/y. Gasoline inventories dropped 5.8% y/y in the week ended June 25, while crude oil inventories declined 9.6%.

The supply of gasoline inventory in the week ending June 25 was 26.5 days, down sharply from 32.9 days in February. The supply of crude oil inventories continued lower to 28.0 days.

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 07/05/21 06/28/21 06/21/21 Y/Y % 2020 2019 2018
Retail Gasoline ($ per Gallon, Regular, Monday) 3.12 3.09 3.06 43.4 2.24 2.57 2.27
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 74.00 73.48 71.57 85.7 39.43 56.91 64.95
Natural Gas ($/mmbtu, LA, Previous Week's Average) 3.72 3.28 3.28 121.4 2.03 2.57 3.18
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