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Economy in Brief

U.S. Gasoline & Oil Prices Decline Again
by Tom Moeller  July 19, 2022

• Retail gasoline & crude oil prices reach five-week lows.

• Natural gas prices rise modestly.

Retail gasoline prices fell to $4.49 per gallon (+42.4% y/y) last week after declining to $4.65 per gallon in the prior week. Prices were at the lowest level since a record $5.01 per gallon in the second week of June.

West Texas Intermediate crude oil prices fell to $98.69 per barrel (+34.8% y/y) in the week ended July 15 from $102.40 in the prior week. Prices reached a peak $120.46 per barrel in the second week of June. Yesterday the price was $102.60 per barrel. The average price of Brent crude oil declined to $109.80 per barrel (+44.9% y/y) from $113.64 per barrel in the prior week. Yesterday, the price was $117.27 per barrel.

The price of natural gas rose to $6.76/mmbtu (81.2% y/y) in the week of July 15 from $5.90 /mmbtu in the previous week. The latest was the highest price in four weeks, up from a low of $5.90 in the prior week. Yesterday, the price was $7.65/mmbtu.

In the four weeks ended June 10, gasoline demand fell 8.0% y/y. Demand for all petroleum products weakened 4.1% y/y. Crude oil input to refineries increased 2.1% y/y.

Gasoline inventories decreased 4.9% y/y in the week of July 8 while crude oil inventories declined 13.9% y/y.

Measured in days’ supply, gasoline inventories in the week ended July 8 rose to 25.8 days, the most since the end of April. The supply of crude oil was little-changed at 25.9 days, down from 41.8 days in early-March of last year.

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.

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