U.S. Energy Prices Are Mixed in Latest Week

Retail gasoline prices for all grades remained steady w/w at $3.18 per gallon (-9.6%) in the week ended January 22. The recent high stands at $4.00 per gallon in the third week of September, and the all-time high was $5.11 in the week ended June 13, 2022. Retail prices for on-highway diesel fuel fell to an average $3.84 per gallon (-16.6% y/y) last week from $3.86 in the prior week. These are higher than a recent low of $3.77 per gallon in the week ended July 3, 2023.

The price of West Texas Intermediate crude oil rose to an average $73.17 per barrel (-8.9% y/y) in the week ended January 19 from an average $71.96 in the prior week. It was the highest price in four weeks, up from a low of $69.37 per barrel in the week of June 30, 2023 but remained below a high of $91.45 in the week of September 29, 2023. The all-time high was seen in the week of July 4, 2008, at $142.46 per barrel. Yesterday, the price of West Texas Intermediate crude oil was $75.19 per barrel. The price of European Brent crude oil rose to $80.11 per barrel (-5.3% y/y) in the week ended January 19 from $78.40 in the January 12 week. The price of Brent has recently ranged from a low of $73.55 in the week ended June 30, 2023, to a high of $127.40 in the week ended June 10, 2022. Yesterday the price was $81.70 per barrel.

Natural gas prices fell to an average of $2.92/mmbtu (-7.9% y/y) in the week ended January 19 from $3.09/mmbtu in the January 12 week. The latest week compares to a recent high of $3.20 for the average of the October 13 week and a low of $1.93 in the week of June 2, 2023. Yesterday, the natural gas price was $2.35/mmbtu.

Gasoline demand rose 3.9% y/y in the four-weeks ended January 12 versus 3.2% y/y in the four weeks ended January 5. Demand for all petroleum products rose 1.3% y/y after increasing 1.6% y/y in the period ended January 5. Crude oil input to refineries strengthened 11.7% y/y in the four weeks ended January 12 after a 9.3% increase in the prior four-week period.

Gasoline inventories increased in the week of January 12 by 7.7% y/y, following an 8.0% y/y increase in the prior week. Inventories of residual fuel oil fell 12.4% y/y in the January 12 week after falling 12.8% y/y in the previous week. Crude oil inventories, including the Strategic Petroleum Reserve, decreased 4.2% y/y in the week of January 12 following a 2.9% y/y decline one week earlier.

Measured in days’ supply, gasoline inventories were 29.4 days in the week of January 12, up from 28.7 days in the prior week. The recent high was 29.7 days in the week of January 20, 2023, and the recent low was 23.4 days in the week of June 30, 2023. Crude oil inventories were 25.9 days of supply in the week of January 12, down from 26.1 days in the prior week. These compare to a recent high of 31.9 days in the week of March 3, 2023, and a recent low of 25.0 days in the week of September 1, 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 databases.