U.S. Energy Prices Are Mixed in Latest Week
Gasoline prices strengthen.
Crude oil prices fall.
Natural gas costs rise.
Retail gasoline prices for all grades jumped to an average $3.37 per gallon (-9.2% y/y) in the week ended April 7 after rising to $3.29 in the week ending March 31. Prices remained above their 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 $3.64 per gallon (-10.4% y/y) in the week of April 7 from $3.59 in the prior week. The latest diesel price stood well 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 fell to $68.67 per barrel (-20.2% y/y) in the week ended April 7, after rising to $69.41 per barrel in the prior week. Prices remained below a high of $91.45 in the week of September 29, 2023. The cost of crude oil peaked at $120.46 in the week of June 10, 2022. Yesterday, the price was $60.70 per barrel. The price of European Brent crude oil of $74.64 per barrel (-17.4% y/y) in the week of April 4 compared to $74.35 in the prior week. Prices remained below a recent high of $95.61 in the week of September 29, 2023 and below a peak of $127.40 in the week of June 10, 2022. Yesterday, the price was $66.13 per barrel.
Natural gas prices rose last week to an average $4.07 per mmbtu (139.4% y/y) in the week ended April 4, after easing to $3.92/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 $3.97 per mmbtu.
Gasoline demand fell 1.9% y/y in the four weeks ending March 28 following a 0.2% y/y decline in the prior four weeks. Demand for all petroleum products weakened 1.2% y/y in the four weeks ending March 28 after a 0.5% y/y rise in the previous four-week period. Crude oil input to refineries fell 0.9% y/y in the four weeks ending March 28 after a 0.2% y/y slip in the prior four weeks.
Gasoline inventories rose 4.3% y/y in the week ending March 28 after a 3.0% y/y rise in the week ending March 21. Residual fuel oil inventories fell 19.6% y/y in the week of March 28, after an 19.5% y/y fall in the prior week. Crude oil inventories rose 2.6% y/y in the week of March 28 after a 2.3% y/y rise in the previous week.
Measured in days’ supply, gasoline inventories were steady at 27.0 days in the week of March 28. The recent low was 22.9 days in the week of November 8. The supply of crude oil rose to 28.1 days in the week of March 28 from 27.7 days in the prior week, up from 24.6 days in the week of January 10 but remained below a high of 31.9 days in the week of March 3, 2023.