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Economy in Brief
Japan's Inflation Shows Mixed Gains
Japan's inflation rose by 0.4% in July...
U.S. Existing Home Sales Continue to Fall in July
Existing home sales declined 5.9% (-20.2% y/y) in July to 4.810 million units...
U.S. Index of Leading Indicators Fell Again in July
The Conference Board's Composite Leading Economic Indicators Index fell 0.4% m/m...
U.S. Philly Fed General Activity Index Back to Positive Reading in August
The current general activity diffusion index rose nearly 19 points in August to 6.2...
U.S. Unemployment Claims Slightly Lower
Initial claims for unemployment insurance went down 2,000 in the week ended August 13 to 250,000...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller January 9, 2007
Unleaded gasoline prices at the pump fell three cents last week to an average $2.31 per gallon after a penny decline during the prior week. Nevertheless, the average price for gasoline in January is up to $2.32 from the December average of $2.31 and the November average of $2.23 per gallon.
Further relief from higher retail gasoline prices may be signaled by declines in the spot market (NY harbor) price for a gallon of regular gasoline which have totaled twenty cents over the last two days.
Warmer weather also has helped crude oil prices lower. Yesterday, the spot price for WTI crude settled at $57.83 (-8.9% y/y), down four dollars from the December average of $61.94.
Warm temperatures also have pushed natural gas prices lower to $5.53 per mmbtu but a recent forecast of colder temps raised futures to $8.57
The latest Short-Term Energy Outlook from the U.S. Energy Information Administration is available here.
Recycling Petrodollars from the Federal Reserve Bank of New York Can be found here.
Weekly Energy Prices | 01/08/07 | 01/01/07 | Y/Y | 2006 | 2005 | 2004 |
---|---|---|---|---|---|---|
US Retail Gasoline Price, Regular | $2.31 | $2.33 | -0.9% | $2.57 | $2.27 | $1.85 |