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Economy in Brief

U.S. Energy Prices Improve
by Tom Moeller  July 11, 2017

Regular gasoline prices rose to $2.30 per gallon last week (2.0% y/y) from $2.26 in the prior week. They remained down, however, versus 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 increased slightly to $2.13 per gallon, but remained down from the high of $2.71 in early-January.

WTI crude oil prices rose to $45.22 per barrel last week (-2.1% y/y), but remained down from $53.18 in early-April. Prices retreated to $44.30 yesterday. Brent crude oil prices increased to $48.71 per barrel last week then backpedaled to $46.90 per barrel yesterday.

Natural gas prices slipped to $2.89/mmbtu last week (+3.3% y/y) and were $2.91 yesterday.

Last week, gasoline demand fell 1.8% y/y, while total petroleum product demand improved 0.5% y/y. Gasoline inventories fell 0.7% y/y, but inventories of all petroleum products eased 0.9% y/y. Crude oil input to refineries increased 3.4% 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 07/10/17 07/03/17 06/26/17 Y/Y % 2016 2015 2014
Retail Gasoline ($ per Gallon, Regular) 2.30 2.26 2.29 2.0 2.31 2.03 2.30
Light Sweet Crude Oil, WTI ($ per bbl.) 45.22 44.64 43.14 -2.1 43.22 48.90 93.64
Natural Gas ($/mmbtu, LA, WSJ) 2.89 2.98 2.86 3.3 2.49 2.62 4.37
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