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Economy in Brief

U.S. Gasoline Prices Ease; Crude Oil Improves
by Tom Moeller  July 5, 2017

Regular gasoline prices fell to $2.26 per gallon last week (-1.4% y/y) from $2.29 in the prior week. Prices were down from the high of $2.45 per gallon in late-April. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally adjusted gasoline price declined to $2.11 per gallon from the high of $2.71 in early-January.

WTI crude oil prices increased to $44.64 per barrel last week (-7.4% y/y). They remained down from $53.18 in early-April. Prices rose further to $47.07 yesterday. Brent crude oil prices increased to $47.22 per barrel last week and were $49.66 per barrel yesterday.

Natural gas prices rose to $2.98/mmbtu last week (4.1% y/y).

Last week, gasoline demand fell 2.4% y/y, while total petroleum product demand declined 2.7% y/y. Gasoline inventories rose 0.8% y/y, but inventories of all petroleum products eased 0.1% y/y. Crude oil input to refineries increased 3.9% 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 07/03/17 06/26/17 06/19/17 Y/Y % 2016 2015 2014
Retail Gasoline ($ per Gallon, Regular) 2.26 2.29 2.32 -1.4 2.31 2.03 2.30
Light Sweet Crude Oil, WTI ($ per bbl.) 44.64 43.14 45.29 -7.4 43.22 48.90 93.64
Natural Gas ($/mmbtu, LA, WSJ) 2.98 2.86 2.97 4.1 2.49 2.62 4.37
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