U.S. Energy Prices Are Mixed in Latest Week
by:Tom Moeller
|in:Economy in Brief
Summary
- Gasoline prices edge up, reversing earlier decline.
- Crude oil costs move higher.
- Natural gas prices decline.
Retail gasoline prices for all grades rose to $3.29 per gallon (-11.1% y/y) in the week ended October 14 after falling to $3.26 per gallon in the prior week. Prices remain below the late-April high of $3.79 per gallon, well under their all-time high of $5.11 in the week ended June 13, 2022. Retail prices for on-highway diesel fuel increased to $3.63 per gallon (-18.3% y/y) from $3.58 per gallon. These prices reached a high of $4.63 per gallon in the third week of September of last year.
The average price of West Texas Intermediate crude oil strengthened to $75.07 per barrel (-12.0% y/y) in the week ended October 11 after rising to $71.47 per barrel in the prior week. It was the highest price in six weeks but they remained lower than the $91.45 high in the last week of September 2023. Yesterday, the price of West Texas Intermediate crude oil fell to $70.58 per barrel. The price of European Brent crude oil increased to $78.51 per barrel (-10.5% y/y) in the week ended October 11 after rising to $75.16 in the prior week. The price of Brent has recently ranged from a low of $74.31 in the week ended June 30, 2023 to a high of $121.57 in the week ended June 10, 2022. Yesterday, the price weakened to $73.75 per barrel.
Natural gas prices fell to an average $2.40 /mmbtu (-25.0% y/y) in the week ended October 11 from $2.67 in the prior week. Prices recently touched a high of $2.73/ mmbtu in the second week of June and they remained well above their low of $1.40/mmbtu in the second week of March. Prices reached a high of $9.56/mmbtu averaged in the last week of August 2022. Yesterday, the price of natural gas moved lower to $2.37/mmbtu.
These data are reported by the Energy Information Administration of the U. S. Department of Energy. The price and supply/demand data can be found in Haver’s WEEKLY and USENERGY databases.
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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