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Economy in Brief

U.S. Gasoline Prices Slip
by Tom Moeller  January 24, 2017

Regular gasoline prices dipped to $2.33 per gallon (+25.3% y/y) last week following a slip to $2.36 per gallon in the prior week. Prices peaked at $2.39 earlier in the month, and remained down from a 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in these pump prices. The seasonally adjusted price was little changed w/w at $2.68 per gallon.

Crude oil prices also eased last week. WTI crude oil prices of $51.84 per barrel (+77.9% y/y) last week were below the December high of $53.59 per barrel. Yesterday, prices increased to $52.75 per barrel. Brent crude oil prices slipped to $54.96 per barrel last week, then rose to $55.26 per barrel yesterday.

Natural gas prices fell minimally to $3.25/mmbtu last week (+47.8% y/y). Prices declined to $3.15 yesterday.

Last week, gasoline demand declined 2.4% y/y, while demand remained steady y/y. Gasoline inventories increased 0.6% y/y, and inventories of all petroleum products increased 1.8% y/y. Crude oil input to refineries rose 1.4% 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 01/23/17 01/16/17 01/09/17 Y/Y % 2016 2015 2014
Retail Gasoline ($ per Gallon, Regular) 2.33 2.36 2.39 25.3 2.31 2.03 2.30
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 51.84 52.08 53.34 77.8 43.22 48.90 93.64
Natural Gas ($/mmbtu, LA, WSJ) 3.25 3.26 3.35 47.8 2.49 2.62 4.37
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