· Regular unleaded gasoline prices at the pump rose a penny last week to an average $2.24 per gallon. It was the third increase in the last four weeks since the low of $2.21. Average gas prices this month nevertheless remained down three cents from the October average of $2.25 per gallon.

· This week, the spot market (NY harbor) price for a gallon of regular gasoline has risen to an average $1.60 from $1.57 last week. Fuel oil prices similarly have shown little decline ahead of the heating season. Yesterday's spot price of $1.62 per gallon compared to $1.65 during October.

· Crude oil prices, however, have moved lower. WTI crude yesterday traded for $56.46 (-1.3% y/y) per barrel versus an average $58.88 during October and $63.86 in September.

· The heating season also has given some lift to natural gas prices. At $7.35 per mmbtu (-28.5% y/y) yesterday, the Henry Hub price was up from an average of $5.77 in October and $4.90 during September.

· The Department of Energy reported that gasoline demand during the latest four weeks rose 2.6% from the year earlier period. That increase, however, continued to understate the demand for gasoline according to estimated figures from the Oil & Gas Journal which showed a 7.1% rise. These figures are available in the Haver OILWKLY database.

· The latest Short-Term Energy Outlook from the U.S. Energy Information Administration is available here. 

· Financial Markets and the Federal Reserve are remarks by Fed Governor Kevin M. Warsh at the New York Stock Exchange and they are available here.