U.S. Gasoline & Crude Oil Prices Rise; Natural Gas Prices at a One-Year High
Summary
- Gasoline prices highest since the November 25 week.
- Crude oil costs highest since the October 11 week.
- Natural gas prices highest since the week of January 12, 2024.
- Gasoline demand rises; gasoline inventories decline, but crude oil inventories increase.
Retail gasoline prices for all grades rose to an average $3.17 per gallon (-0.9% y/y) in the week ending January 6 from $3.13 in the week ending December 30, registering the highest level since the November 25 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 rose to $3.56 per gallon (-7.0% y/y) in the January 6 week, the highest level since the October 28 week, from $3.50 in the prior week. The latest price was down from 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 $72.45 per barrel (0.1% y/y) in the week ending January 3 from $69.89 in the week ending December 27, registering the highest level since the October 11 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 $73.56 per barrel. The price of European Brent crude oil rose to $75.42 per barrel (-1.9% y/y) in the January 3 week from $73.13 in the December 27 week, registering the highest level since the November 8 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. Yesterday’s price was $77.27 per barrel.
Natural gas prices rose to an average $3.46/mmbtu (29.1% y/y) in the January 3 week from $2.93 in the December 27 week, posting the highest level since a high of $5.11/mmbtu in the week of January 12, 2024. 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. Yesterday, the price was $4.05/mmbtu.
Gasoline demand rose 0.6% y/y in the four weeks ending December 27 on top of a 0.7% y/y gain in the four weeks ending December 20. Demand for all petroleum products fell 1.2% y/y in the four weeks ending December 27 after a 0.1% y/y easing in the previous four-week period. Crude oil input to refineries increased 1.8% y/y in the four weeks ending December 27 after a 2.6% y/y rise in the prior four weeks.
Gasoline inventories fell 2.4% y/y in the week ending December 27 after a 1.1% y/y decline in the week ending December 20. In contrast, residual fuel oil inventories increased 0.2% y/y in the December 27 week following a 1.2% y/y decrease in the prior week. Crude oil inventories rose 3.0% y/y in the December 27 week after a 2.6% y/y rise in the previous week.
Measured in days’ supply, gasoline inventories rose to 26.5 days in the December 27 week from 25.2 days in the December 20 week, registering the highest reading since the week of April 26, 2024. The recent low was 22.9 days in the November 8 week. The supply of crude oil dipped to 24.8 days in the December 27 week from 24.9 days in the prior week, posting the lowest number since a low of 24.8 days in the week of September 20, 2024 and 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.
More Economy in Brief
