U.S. Energy Prices Loose Steam in Latest Week

Retail gasoline prices for all grades held at $3.64 per gallon (+0.8% y/y) in the week ended April 2 after rising from $3.57 in the third week of March. These compare to a low of $3.18 in the middle of January. 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 eased to an average $4.00 per gallon (-2.7% y/y) last week from $4.04 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 was minimally changed at $82.34 per barrel (11.6% y/y) in the week ended March 29 versus an average $82.38 in the prior week. It remained near the highest price since late-October and stood above its low of $74.31 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 rose to $83.71 per barrel. The price of European Brent crude oil increased to $86.15 per barrel (10.4% y/y) in the week ended March 29 compared to $85.61. The price of Brent has recently ranged from a low of $74.31 in the week ended June 30, 2023 to a high of $121.57 in the week ended June 10, 2022. Yesterday, the price was $87.46 per barrel.

Natural gas prices eased to an average of $1.46/mmbtu (-27.4% y/y) in the week ended March 29 from $1.54/mmbtu in the prior week. These were the lowest prices since December 1998 and compare to a recent high of $3.20 averaged in the week of October 13, 2023. Yesterday, the natural gas price was $1.64/mmbtu.

Gasoline demand rose 0.9% y/y in the four weeks ended March 22 after falling 0.3% y/y in the four weeks ended March 15. Demand for all petroleum products rose 2.2% y/y, the same as during the prior four-week period. Crude oil input to refineries rose 1.8% y/y in the four weeks ended March 22 after rising 1.1% y/y in the previous four week period.

Gasoline inventories rose 2.4% y/y in the week of March 22 following a 0.5% y/y rise in the prior week. Inventories of residual fuel oil fell 1.1% y/y in the week of March 22 after declining 3.2% y/y in the previous week. Crude oil inventories, including the Strategic Petroleum Reserve, decreased 4.0% y/y in the week of March 22 after a 5.3% y/y fall in the prior week.

Measured in days’ supply, gasoline inventories were 26.1 days in the week of March 22, the same as in the prior week. The recent low was 23.4 days in the week of June 30, 2023. Crude oil inventories declined to 28.6 days of supply in the week of March 22, down from 29.0 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.