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Economy in Brief

U.S. Gasoline Prices Stabilize; Crude Oil Increases
by Tom Moeller  November 29, 2016

Regular gasoline prices held at $2.15 per gallon (4.6% y/y) last week, their lowest level since mid-August. Prices remained down versus a 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in these pump prices. The adjusted price last week rose to $2.32 per gallon.

WTI crude oil prices increased to $47.39 a barrel (17.0% y/y), the highest level in three weeks. Yesterday, prices fell to $47.08. Brent crude oil prices increased to $48.59 last week, then eased to $48.12 yesterday.

Natural gas prices rose to $2.76/mmbtu last week (31.2% y/y), the highest level in five weeks. Prices rose further to $2.91 yesterday.

Last week, gasoline demand rose 0.6% y/y, while demand for all petroleum products improved 1.6% y/y. Gasoline inventories rose 3.4% y/y, and inventories of all petroleum products increased 3.3% y/y. Crude oil input to refineries eased 0.4% y/y in the last four weeks.

The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.

Weekly Energy Prices 11/28/16 11/21/16 11/14/16 Y/Y % 2015 2014 2013
Retail Gasoline ($ per Gallon, Regular) 2.15 2.15 2.18 4.6 2.03 2.30 3.33
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 47.39 45.17 44.63 17.0 48.90 93.64 97.96
Natural Gas ($/mmbtu, LA, WSJ) 2.76 2.43 2.20 31.2 2.62 4.37 3.73
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