U.S. Energy Prices Are Mixed in Latest Week

Retail gasoline prices for all grades increased to $3.79 per gallon (0.7% y/y) in the week ended April 22 from $3.75 in the prior week. These compare to a low of $3.18 in the middle of January and the latest was the highest price since the second week of October. 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 slipped to an average $4.00 per gallon (-2.1% y/y) last week from $4.02 in the prior week. A recent low of $3.77 per gallon occurred in the week ended July 3, 2023.

The average price of West Texas Intermediate crude oil declined to $84.18 per barrel (+6.3% y/y) in the week ended April 19 versus an average $86.19 in the prior week. It remained well above its low of $69.37 per barrel in the week of June 30, 2023. The price 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 $82.85 per barrel. The price of European Brent crude oil declined to $89.59 per barrel (5.9% y/y) in the week ended April 19 compared to $92.01 in the prior 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 $87.30 per barrel.

Natural gas prices weakened to an average of $1.46/mmbtu (-33.9% y/y) in the week ended April 19 from $1.69/mmbtu in the prior week. These compare to a high of $3.20 averaged in the week of October 13, 2023. Yesterday, the natural gas price was $1.64/mmbtu.

Gasoline demand fell 1.9% y/y in the four weeks ended April 12 after declining 2.7% y/y in the four weeks ended April 5. Demand for all petroleum products eased 0.2% y/y, after falling 0.4% y/y in the prior four-week period. Crude oil input to refineries rose 1.1% y/y in the four weeks ended April 12 after rising 1.6% y/y in the previous four week period.

Gasoline inventories rose 1.7% y/y in the week of April 12 after rising 2.8% y/y in the prior week. Inventories of residual fuel oil fell 11.6% y/y in the week of April 12 after declining 4.7% y/y in the previous week. Crude oil inventories, including the Strategic Petroleum Reserve, decreased 1.1% y/y in the week of April 12 after a 2.2% y/y fall in the prior week.

Measured in days’ supply, gasoline inventories held steady w/w at 25.8 days in the week of April 12. The recent low was 23.4 days in the week of June 30, 2023. Crude oil inventories rose to 29.0 days of supply in the week of April 12 from, down from 28.9 days in the prior week. These compare to a recent high of 31.9 days in the week of March 3, 2023 and a 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 database.