U.S. Energy Prices Are Mixed in Latest Week
by:Tom Moeller
|in:Economy in Brief
Summary
- Gasoline prices dip, reversing previous week’s increase.
- Crude oil prices are little changed.
- Natural gas prices continue to strengthen.
Retail gasoline prices for all grades declined to an average $3.26 per gallon (-3.3% y/y) last week after rising to $3.28 in the week ending February 17. Prices remained up from a low of $3.13 in the week of December 30. The recent high was $3.79 in the week ending April 22, 2024; its all-time high of $5.11 occurred in the week ending June 13, 2022. The retail price for on-highway diesel fuel fell to $3.68 per gallon (-10.5% y/y) in the February 17 week, the highest level since the January 20 week, from $3.67 in the prior week. The latest diesel price was below a high of $4.63 in the week ending September 18, 2023 and a peak of $5.81 in the week ending June 20, 2022.
The price of West Texas Intermediate crude oil was little changed at $71.77 per barrel (-8.2% y/y) in the week ending February 21 compared to $71.81 in the prior week. These prices remained above a low of $69.37 in the week of June 30, 2023 but below a high of $91.45 in the week of September 29, 2023. The cost of crude oil peaked at $120.46 in the week of June 10, 2022. Yesterday, the price was $70.70 per barrel. The price of European Brent crude oil of $76.09 per barrel (-10.5% y/y) in the week of February 21 edged up from $76.01 in the prior week. Prices remained below a high of $95.61 in the week of September 29, 2023 and below a peak of $127.40 in the week of June 10, 2022.
Natural gas prices strengthened to an average $5.90/mmbtu (278.2% y/y) in the week of February 21 after rising to $4.03 one week earlier. Prices were increased from a low of $1.40/mmbtu in the week of March 15, 2024 but stood below a peak of $9.56 in the week of August 26, 2022.
Gasoline demand increased 0.4% y/y in the four weeks ending February 14 following a 0.9% y/y rise in the four weeks ending February 7. Demand for all petroleum products rose 3.7% y/y in the four weeks ending February 14 adding to a 2.8% y/y rise in the previous four-week period. Crude oil input to refineries rose 4.4% y/y in the four weeks ending February 14 after a 3.3% y/y increase in the prior four weeks.
Gasoline inventories rose 0.4% y/y in the week ending February 14 after a 0.3% y/y rise in the week ending February 7. Residual fuel oil inventories fell 19.9% y/y in the week of February 14, after a 15.6% y/y fall in the prior week. Crude oil inventories rose 3.2% y/y in the week of February 14 after a 3.1% y/y rise in the previous week.
Measured in days’ supply, gasoline inventories slipped to 29.6 days in the February 14 week from 29.8 days in the prior week. The recent low was 22.9 days in the November 8 week. The supply of crude oil rose to 28.2 days in the week of February 14 from 27.8 days in the prior week, posting the highest reading since 28.5 days in the week of May 17, 2024 but below a high of 31.9 days in the week of March 3, 2023.
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 & USENERGY database.
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.
