U.S. Energy Prices Rise in the Latest Week
Summary
- Gasoline prices highest since the October 14 week.
- Crude oil prices up for the first time since the January 17 week.
- Natural gas prices rebound to a 4-week high, up 153.5% y/y.
- Gasoline demand rises; both gasoline and crude oil inventories increase.
Retail gasoline prices for all grades rose to an average $3.28 per gallon (-3.2% y/y) in the week ending February 17 after rising to $3.25 in the week ending February 10, registering the highest level since the October 14 week and up from a low of $3.13 in the December 30 week. The recent high was $3.79 in the week ending April 22, 2024; its all-time high of $5.11 was in the week ending June 13, 2022. The retail price for on-highway diesel fuel increased to $3.68 per gallon (-10.5% y/y) in the February 17 week, the highest level since the January 20 week, from $3.67 in the prior week. The latest diesel price was below a high of $4.63 in the week ending September 18, 2023 and a peak of $5.81 in the week ending June 20, 2022.
The price of West Texas Intermediate crude oil rebounded to $71.81 per barrel (-7.9% y/y) in the week ending February 14 from $71.70 in the week ending February 7, posting the first w/w increase since the January 17 week. These prices were above a low of $69.37 in the week of June 30, 2023 but below a high of $91.45 in the week of September 29, 2023 and significantly below a peak of $120.46 in the week of June 10, 2022. Yesterday, the price was $71.85 per barrel. The price of European Brent crude oil rose to $76.14 per barrel (-9.8% y/y) in the February 14 week, the first w/w rise in four weeks, from $75.40 in the February 7 week. Prices remained below a high of $95.61 in the week of September 29, 2023 and significantly below a peak of $127.40 in the week of June 10, 2022.
Natural gas prices rose to an average $4.03/mmbtu (153.5% y/y) in the February 14 week after declining to $3.28 in the February 7 week, posting the highest level since a high of $5.47/mmbtu in the January 17 week. Prices reached a low of $1.40/mmbtu in the week of March 15, 2024 and a peak of $9.56 in the week of August 26, 2022.
Gasoline demand increased 0.9% y/y in the four weeks ending February 7 following a 0.2% y/y easing in the four weeks ending January 31. Demand for all petroleum products rose 2.8% y/y in the four weeks ending February 7 on top of a 3.3% y/y rise in the previous four-week period. Crude oil input to refineries rose 3.3% y/y in the four weeks ending February 7 after a 1.8% y/y increase in the prior four weeks.
Gasoline inventories were up 0.3% y/y in the week ending February 7 after virtually unchanged y/y in the week ending January 31. Residual fuel oil inventories fell 15.6% y/y in the February 7 week, deepening a 14.4% y/y decrease in the prior week. Crude oil inventories rose 3.1% y/y in the February 7 week after a 4.3% y/y rise in the previous week.
Measured in days’ supply, gasoline inventories fell to 29.8 days in the February 7 week from 30.4 days in the January 31 week, registering the lowest reading since the January 17 week and the first w/w fall since the December 20 week. The recent low was 22.9 days in the November 8 week. The supply of crude oil rose to 27.8 days in the February 7 week from 27.0 days in the prior week, posting the highest reading since 28.5 days in the week of May 17, 2024 but below a high of 31.9 days in the week of March 3, 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.
Winnie Tapasanun
AuthorMore in Author Profile »Winnie Tapasanun has been working for Haver Analytics since 2013. She has 20+ years of working in the financial services industry. As Vice President and Economic Analyst at Globicus International, Inc., a New York-based company specializing in macroeconomics and financial markets, Winnie oversaw the company’s business operations, managed financial and economic data, and wrote daily reports on macroeconomics and financial markets. Prior to working at Globicus, she was Investment Promotion Officer at the New York Office of the Thailand Board of Investment (BOI) where she wrote monthly reports on the U.S. economic outlook, wrote reports on the outlook of key U.S. industries, and assisted investors on doing business and investment in Thailand. Prior to joining the BOI, she was Adjunct Professor teaching International Political Economy/International Relations at the City College of New York. Prior to her teaching experience at the CCNY, Winnie successfully completed internships at the United Nations. Winnie holds an MA Degree from Long Island University, New York. She also did graduate studies at Columbia University in the City of New York and doctoral requirements at the Graduate Center of the City University of New York. Her areas of specialization are international political economy, macroeconomics, financial markets, political economy, international relations, and business development/business strategy. Her regional specialization includes, but not limited to, Southeast Asia and East Asia. Winnie is bilingual in English and Thai with competency in French. She loves to travel (~30 countries) to better understand each country’s unique economy, fascinating culture and people as well as the global economy as a whole.
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