U.S. Gasoline & Crude Oil Prices Rise Further Last Week

Retail gasoline prices for all grades rose last week to the highest level since the second week of October and averaged $3.29 per gallon (-9.6% y/y) after rising to $3.24 in the prior week. Prices have risen from a low of $3.13 in the week of December 9. The recent high was $3.79 in the week ending April 22, 2024. Its all-time high of $5.11 occurred in the week ending June 13, 2022. The retail price for on-highway diesel fuel increased to $3.59 per gallon (-10.1% y/y) in the week of March 31 after rising to $3.57 in the prior week. The latest diesel price remained well below a peak of $5.81 in the week ending June 20, 2022.

The price of West Texas Intermediate crude oil rose to $69.41 per barrel (-15.7% y/y) in the week ended March 28, after increasing to $67.64 per barrel in the prior week. Prices remain well below their peak of $120.46 in the week of June 10, 2022. Yesterday, the price was $71.48 per barrel. The price of European Brent crude oil increased to $74.35 per barrel (-13.3% y/y) in the week of March 28 compared to $72.21 in the prior week and a high of $82.79 in mid-January of this year. Prices remained well below a peak of $127.40 in the week of June 10, 2022. Yesterday, the price was $77.23 per barrel.

Natural gas prices slipped to an average $3.92 per mmbtu (+164.9% y/y) in the week ended March 29 after easing to $4.14/mmbtu in the prior week. Prices remained well above a low of $1.40/mmbtu in the week of March 15, 2024 but below their peak of $9.56 in the week of August 26, 2022. Yesterday, the price was $4.11 per mmbtu.

Gasoline demand slipped 0.2% y/y in the four weeks ending March 21 after holding steady y/y in the prior four weeks. Demand for all petroleum products rose 0.5% y/y in the four weeks ending March 21 after a 2.5% y/y rise in the previous four-week period. Crude oil input to refineries slipped 0.2% y/y in the four weeks ending March 21 after a 1.8% y/y increase in the prior four weeks.

Gasoline inventories rose 3.0% y/y in the week ending March 21 after a 4.2% y/y rise in the week ending March 14. Residual fuel oil inventories fell 19.5% y/y in the week of March 21, after a 21.3% y/y fall in the prior week. Crude oil inventories rose 2.3% y/y in the week of March 21 after a 3.2% y/y rise in the previous week.

Measured in days’ supply, gasoline inventories fell to 26.9 days in the week of March 21 from 27.2 days in the prior week. The recent low was 22.9 days in the week of November 8. The supply of crude oil was 27.7 days in the week of March 21, after three straight weeks at 28.0 days. It remained 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.