U.S. Energy Prices Down in Latest Week
Summary
- Crude oil and refined product prices both down somewhat in latest week.
- Gasoline demand did rise in mid-August on a year/year basis.
- Inventories of petroleum products also rose.
Retail gasoline prices for all grades fell again in the week ended August 26 to $3.43 per gallon (-12.7% y/y) from $3.50 the week before. This latest is the lowest weekly average since the week ended February 26 when prices averaged $3.36 per gallon. The recent high was $3.79 in the week of April 22. Retail prices for on-highway diesel fuel including taxes also fell in the August 26 week, reaching $3.65 per gallon, down from $3.69 the week before. The recent high for diesel was $4.63 in mid-September and was still as high as $4.06 in the week ended April 8.
Crude oil prices also fell in the latest week ended August 23, averaging $74.17 per barrel (-7.1% y/y), down from $78.89 the week before and $84.28 in the July 5 week; they hit a recent high of $86.19 the week ended April 12. Yesterday, August 26, the crude oil price was $77.42 per barrel. These are the West Texas Intermediate prices; the price of a barrel of North Sea “Brent” crude oil averaged $79.57 (-6.1% y/y) in the week ended August 23, down from $82.47 the week before and $92.01 the week ended April 12. Yesterday, the Brent price was $80.11 per barrel.
Natural gas prices eased in the week ended August 23 to $2.04 per million BTU (-19.4% y/y) from $2.13 the week before. On August 23, they were $1.82.
Gasoline demand increased 1.5% y/y in the four weeks ended August 16 after increasing 2.2% in the four weeks through August 9. For all petroleum products, demand decreased 2.3% y/y for the four weeks through August 16 after a decline of 1.7% in the four weeks through August 9. Crude oil input to refineries decreased 1.4% y/y in the four weeks through August 16, just marginally more than the prior week’s easing.
Gasoline inventories rose 1.4% y/y in the week ended August 16, somewhat less than the 2.8% increase in the prior week and 4.0% the week before that. Inventories of residual fuel oil rose 1.4% y/y in the week ended August 16, reversing the prior week’s 1.5% decrease. Crude oil inventories, including the Strategic Petroleum Reserve, rose 2.6% y/y in the August 16 week, just a slightly larger increase than the 2.4% of the week before.
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.
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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