Global| Jun 29 2021U.S. Energy Prices Generally Rise
by:Sandy Batten
|in:Economy in Brief
Summary
• Gasoline prices hit nearly seven-year high. • Crude oil prices add to recent gains. • Natural gas prices unchanged. Retail gasoline prices rose to $3.09 per gallon (+42.2% y/y) in the week ended June 28, the highest price since [...]
• Gasoline prices hit nearly seven-year high.
• Crude oil prices add to recent gains.
• Natural gas prices unchanged.
Retail gasoline prices rose to $3.09 per gallon (+42.2% y/y) in the week ended June 28, the highest price since October 2014, from $3.06 per gallon in the previous week. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price increased to $2.99 per gallon from $2.95 in the previous week.
The price of West Texas Intermediate crude oil rose to $73.44 per barrel (+87.1% y/y) in the week ended June 25, the highest price since October 2018, from $71.57 per barrel the previous week. Yesterday, the price eased to $72.91 per barrel yesterday. The average price of Brent crude oil increased to $75.30 per barrel (+81.8% y/y) last week, also the highest price since October 2018, from $73.56 per barrel during the prior week. The price slipped to $74.53 per barrel yesterday.
Natural gas prices were unchanged at $3.28/mmbtu (108.9% y/y) in the week ended June 25, the highest price in four months. The price rose to $3.40/mmbtu yesterday.
In the four weeks ended June 18, gasoline demand increased 14.1% y/y and demand for all petroleum products rose 14.5% y/y. Crude oil input to refineries rose 18.0% y/y. Gasoline inventories dropped 6.0% y/y, while crude oil inventories declined 9.3%.
The supply of gasoline inventories in the week ending June 18 was 26.4 days, down sharply from 32.9 days in February. The supply of crude oil inventories continued to fall to 28.5 days.
These data are reported by the Energy Information Administration of the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data are in USENERGY.
| Weekly Energy Prices | 06/28/21 | 06/21/21 | 06/14/21 | Y/Y % | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular, Monday) | 3.09 | 3.06 | 3.07 | 42.2 | 2.24 | 2.57 | 2.27 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 73.44 | 71.57 | 70.11 | 87.1 | 39.43 | 56.91 | 64.95 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 3.28 | 3.28 | 3.12 | 108.9 | 2.03 | 2.57 | 3.18 |
Sandy Batten
AuthorMore in Author Profile »Sandy Batten has more than 30 years of experience analyzing industrial economies and financial markets and a wide range of experience across the financial services sector, government, and academia. Before joining Haver Analytics, Sandy was a Vice President and Senior Economist at Citibank; Senior Credit Market Analyst at CDC Investment Management, Managing Director at Bear Stearns, and Executive Director at JPMorgan. In 2008, Sandy was named the most accurate US forecaster by the National Association for Business Economics. He is a member of the New York Forecasters Club, NABE, and the American Economic Association. Prior to his time in the financial services sector, Sandy was a Research Officer at the Federal Reserve Bank of St. Louis, Senior Staff Economist on the President’s Council of Economic Advisors, Deputy Assistant Secretary for Economic Policy at the US Treasury, and Economist at the International Monetary Fund. Sandy has taught economics at St. Louis University, Denison University, and Muskingun College. He has published numerous peer-reviewed articles in a wide range of academic publications. He has a B.A. in economics from the University of Richmond and a M.A. and Ph.D. in economics from The Ohio State University.
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