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Economy in Brief

U.S. Energy Prices Continue to Decline
by Tom Moeller  June 27, 2017

Regular gasoline prices fell to $2.29 per gallon last week (-1.8% y/y), the lowest level since early-February. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally adjusted gasoline price eased to $2.12 per gallon, the lowest level since last September.

WTI crude oil prices declined to $43.17 per barrel last week (-11.6% y/y), the lowest level since mid-August. They remained down from $53.18 in early-April. Prices stabilized at $43.38 yesterday. Brent crude oil prices declined to $45.74 per barrel last week and were $45.85 per barrel yesterday.

Natural gas prices declined to $2.86/mmbtu last week (+15.7% y/y), the lowest level since early-March, then increased to $2.98 yesterday.

Last week, gasoline demand fell 1.6% y/y, while total petroleum product demand eased 0.4% y/y. Gasoline inventories rose 1.8% y/y and inventories of all petroleum products held steady y/y. Crude oil input to refineries increased 5.7% 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.

Low Productivity Growth: The Capital Formation Link from the Federal Reserve Bank of New York is available here.

Weekly Energy Prices 06/26/17 06/19/17 06/12/17 Y/Y % 2016 2015 2014
Retail Gasoline ($ per Gallon, Regular) 2.29 2.32 2.37 -1.8 2.31 2.03 2.30
Light Sweet Crude Oil, WTI ($ per bbl.) 43.17 45.29 46.54 -11.6 43.22 48.90 93.64
Natural Gas ($/mmbtu, LA, WSJ) 2.86 2.97 2.96 5.1 2.49 2.62 4.37
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