Global| Jun 08 2021U.S. Retail Gasoline Prices Stabilize at High Level; Crude Oil Prices Continue to Rise
Summary
• Gasoline prices appear to have plateaued. • Crude oil prices continue their ascent. • Natural gas prices appear to find a trough. Retail gasoline prices rose ever so slightly to $3.04 per gallon (49.1% y/y) in the week ended June 7 [...]
• Gasoline prices appear to have plateaued.
• Crude oil prices continue their ascent.
• Natural gas prices appear to find a trough.
Retail gasoline prices rose ever so slightly to $3.04 per gallon (49.1% y/y) in the week ended June 7 from $3.03 (53.3% y/y) the week prior. Timid signs of price stabilization appear to emerge with the latest weekly data. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price rose two pennies to $2.84 per gallon last week.
The price of West Texas Intermediate crude oil rose to $68.77 per barrel (84.3% y/y) in the week ended June 4. Yesterday, the price rose again to $69.23 per barrel. The average price of Brent crude oil increased to $70.84 per barrel (77.1% y/y) last week from $68.46 per barrel during the prior week. The price rose yesterday to $71.50 per barrel.
The price of natural gas increased to $3.03/mmbtu (78.2% y/y) in the week ended June 4, more than reversing the decline to $2.86/mmbtu reached in the week ended May 28. The price declined slightly yesterday to $2.98/mmbtu.
In the four weeks ended May 28, gasoline demand rose 26.4% y/y and demand for all petroleum products rose 17.7% y/y. Crude oil input to refineries rose 18.2% y/y. Gasoline inventories dropped 9.2% y/y, while crude oil inventories declined by 8.3%.
The supply of gasoline inventories in the week ending May 28 was 25.5 days, little changed from the 25.6-day inventory the prior week but noticeably down from the 32.1-day inventory in February. The supply of crude oil inventories eased to 31.4 days from 39.7 days in March.
These data are reported by the Energy Information Administration of the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data are in USENERGY.
| Weekly Energy Prices | 06/07/21 | 05/31/21 | 05/24/21 | Y/Y % | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular, Monday) | 3.04 | 3.03 | 3.02 | 49.1 | 2.24 | 2.57 | 2.27 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 68.77 | 66.35 | 64.15 | 84.3 | 39.43 | 56.91 | 64.95 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 3.03 | 2.86 | 2.91 | 78.2 | 2.03 | 2.57 | 3.18 |
Kathleen Stephansen, CBE
AuthorMore in Author Profile »Kathleen Stephansen is a Senior Economist for Haver Analytics and an Independent Trustee for the EQAT/VIP/1290 Trust Funds, encompassing the US mutual funds sponsored by the Equitable Life Insurance Company. She is a former Chief Economist of Huawei Technologies USA, Senior Economic Advisor to the Boston Consulting Group, Chief Economist of the American International Group (AIG) and AIG Asset Management’s Senior Strategist and Global Head of Sovereign Research. Prior to joining AIG in 2010, Kathleen held various positions as Chief Economist or Head of Global Research at Aladdin Capital Holdings, Credit Suisse and Donaldson, Lufkin and Jenrette Securities Corporation.
Kathleen serves on the boards of the Global Interdependence Center (GIC), as Vice-Chair of the GIC College of Central Bankers, is the Treasurer for Economists for Peace and Security (EPS) and is a former board member of the National Association of Business Economics (NABE). She is a member of Chatham House and the Economic Club of New York. She holds an undergraduate degree in economics from the Universite Catholique de Louvain and graduate degrees in economics from the University of New Hampshire (MA) and the London School of Economics (PhD abd).
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