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Economy in Brief

U.S. Gasoline Prices Ease; Crude Oil Improves
by Tom Moeller  February 8, 2017

Regular gasoline prices slipped to $2.29 per gallon (+30.4% y/y) last week following a decline to $2.30 per gallon in the prior week. Prices peaked at $2.39 early last 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 declined w/w to $2.56 per gallon.

WTI crude oil prices rose to $53.33 per barrel (70.5% y/y) last week from $52.97 in the prior week. Yesterday, prices fell to $52.17 per barrel. Brent crude oil prices improved to $55.90 per barrel last week, then eased to $55.05 per barrel yesterday.

Natural gas prices declined to $3.08/mmbtu last week (+48.3% y/y), then eased to $3.04 yesterday.

Last week, gasoline demand declined 5.7% y/y, while total petroleum product demand fell 1.9% y/y. Gasoline inventories increased 1.1% y/y, and inventories of all petroleum products increased 2.1% y/y. Crude oil input to refineries rose 2.7% 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 02/06/17 01/30/17 01/23/17 Y/Y % 2016 2015 2014
Retail Gasoline ($ per Gallon, Regular) 2.29 2.30 2.33 30.4 2.31 2.03 2.30
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) 53.33 52.97 51.82 70.5 43.22 48.90 93.64
Natural Gas ($/mmbtu, LA, WSJ) 3.08 3.27 3.25 48.3 2.49 2.62 4.37
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