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Economy in Brief

U.S. Energy Prices Are Mixed
by Tom Moeller  June 19, 2018

Retail gasoline prices slipped to $2.88 per gallon last week (+24.2% y/y) from $2.91 per gallon during the prior week. Prices stood at the lowest level in five weeks. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price was little changed at $2.73 per gallon.

West Texas Intermediate crude oil prices increased to an average of $66.21 (+46.2% y/y) per barrel last week. Prices remained lower than the $71.31 per barrel high four weeks ago. Yesterday, prices eased to $65.85 per barrel. Brent crude oil prices slipped last week to an average of $75.66 per barrel last week and were $75.30 yesterday.

Natural gas prices increased to an average of $2.95/mmbtu last week (-0.8% y/y) from $2.88/mmbtu and were $2.97 yesterday.

In the four-weeks ending June 8, gasoline demand improved 0.3% y/y, while total petroleum product demand gained 1.7% y/y. Gasoline inventories declined 2.3% y/y, while inventories of all petroleum products dropped 8.3% y/y. Crude oil input to refineries declined 0.9% y/y in the last four weeks.

These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.

Weekly Energy Prices 06/18/18 06/11/18 06/04/18 Y/Y % 2017 2016 2015
Retail Gasoline ($ per Gallon Regular, Monday Price) 2.88 2.91 2.94 24.2 2.47 2.31 2.03
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 66.21 65.35 66.97 46.2 50.87 43.22 48.90
Natural Gas ($/mmbtu, LA, Previous Week's Average) 2.95 2.88 2.86 -0.8 2.96 2.49 2.62
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