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Economy in Brief
UK Consumer Sentiment Hits Lowest Reading since 1996
(when the GFK survey began; also lowest reading 'ever')
Of these 13 readings eight of them declined on the month in May three of them improved and two of them were unchanged...
U.S. Existing Home Sales Continue to Fall in April as Houses Become Less Affordable
The combination of soaring home prices across the nation and rising interest rates is making homes less affordable...
U.S. Index of Leading Indicators Fell in April
Five of the index's components fell in April, one was unchanged and four increased...
U.S. Unemployment Claims Rose in the Latest Week
The state insured rates of unemployment in regular programs vary widely...
CBI Gauge in the UK Continues to Be Upbeat
The global economy has a lot of challenges...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Profits and Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
by Tom Moeller June 5, 2012
Last week, the pump price of regular gasoline again fell an additional six cents to $3.61 per gallon. Over the last nine weeks, prices have fallen thirty three cents (-4.5% y/y) and retraced roughly one-third of the run-up early this year. Haver Analytics' seasonally-adjusted price for regular declined seven cents to $3.31 per gallon. Yesterday, the wholesale price for a gallon of unleaded was $2.68 versus $2.75 averaged last week.
The price for a barrel of light sweet crude oil fell another $3.98 last week to $87.09, the lowest level since October 2011. Yesterday, the cost of crude was off further to $83.98 per barrel. Prices peaked at $113.93 in April 2011. Brent crude declined last week to $103.96 per barrel and fell further to $98.99 yesterday.
Natural gas prices declined sharply last week to $2.37 per mmbtu, the lowest level in three weeks, and were down nearly one-half y/y. Yesterday, prices remained lower at $2.32, off from the early-January 2010 peak of $6.50.
Reduced driving and improved fuel economy lowered the demand for gasoline by 2.6% y/y last week. The demand for residual fuel oil demand, used for heating, fell by one-third y/y and distillate demand fell 1.0% y/y. Inventories of crude oil and petroleum products slipped 0.6% year-to-year. That comparison was improved versus the 5.0% decline this past fall.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY.
Weekly Price | 06/04/12 | 05/28/12 | 05/21/12 | Y/Y% | 2011 | 2010 | 2009 |
---|---|---|---|---|---|---|---|
Retail Regular Gasoline ($ per Gallon, Regular) | 3.61 | 3.67 | 3.71 | -4.5 | 3.52 | 2.78 | 2.35 |
Light Sweet Crude Oil, WTI ($ per bbl.) | 87.09 | 91.07 | 93.12 | -13.7 | 95.14 | 79.51 | 61.39 |
Natural Gas ($/mmbtu) | 2.37 | 2.60 | 2.49 | -49.3 | 3.99 | 4.40 | 3.95 |