U.S. Energy Prices Are Mixed in Latest Week

Retail gasoline prices for all grades fell to an average $3.21 per gallon (-3.5% y/y) in the week ending January 1 after rising to $3.24 in the prior week. It still left prices below the $4.00 high in the third week of September. The retail price for on-highway diesel fuel eased to $3.88 per gallon (-15.4% y/y) last week after edging higher to $3.91 in the prior week. The latest price was up from a low of $3.77 in the week of July 3, 2023.

The price for West Texas Intermediate crude oil of $73.34 per barrel (-7.5% y/y) in the week ending December 29 compared to $73.36 in the prior week, up from $70.26 in early December. Prices remained below a recent high of $91.45 in the September 29 week but above a low of $69.37 in the June 30 week. Prices remained significantly below a high of $120.46 in the week of June 10, 2022. Yesterday, the price was $70.38 per barrel. Brent crude prices fell to $79.48 per barrel (-2.9% y/y) last week from $80.15 in the week prior. Prices remained below a recent high of $95.61 in the September 29 week and significantly below a high of $127.40 in the week of June 10, 2022. Yesterday, the price was $76.24 per barrel.

Natural gas prices increased to an average $2.57/mmbtu (-36.7% y/y) in the Week of December 29 after rising to $2.51 in the prior week. They remained below the recent $3.20 high reached in the second week of October. Prices reached a high of $9.56/mmbtu in the week of August 26, 2022 and a low of $1.93 in the June 2 week. Yesterday, the price was $2.56/mmbtu.

In the four weeks ending December 22, gasoline demand rose 1.7% from a year earlier after a 1.9% y/y gain in the prior four-week period. Demand for all petroleum products eased 0.5% y/y after rising 0.2% y/y in the previous four weeks. Crude oil input to refineries rose 0.7% y/y in the latest four weeks after a 0.8% y/y decline in the prior four-week period.

Gasoline inventories rose 1.4% y/y in the December 22 week after a 0.3% y/y increase in the prior week. Residual fuel oil inventories declined 14.6% y/y following a 12.1% y/y decrease in the previous week. Crude oil inventories, including the Strategic Petroleum Reserve, eased 0.5% y/y after a 0.1% y/y slip in the previous week.

Measured in days’ supply, gasoline inventories were 25.7 days in the December 22 week versus 26.5 days in the December 15 week. The recent high was 29.7 days in the January 20 week and the recent low was 23.4 days in the June 30 week. The supply of crude oil was 26.7 days in the week of December 22 week versus 27.4 days in the prior week. The recent high was 31.9 days in the March 3, 2023 week.

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 databases.