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Economy in Brief
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
by Tom Moeller December 23, 2014
Gasoline prices remained on their downward trajectory last week, falling to an average $2.40 (-26.5% y/y), the lowest level since May 2009. Prices have fallen from $3.69 per gallon averaged this past June and from $3.91 in May, 2011. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The seasonally adjusted price declined to $2.68 per gallon.
WTI crude oil prices moved 8.7% lower last week to an average $55.81 per barrel (-43.0% y/y) from $61.14 during the prior week. Yesterday prices stabilized at $55.26. Prices were roughly one-half lower than their June peak of $107.52. The seasonally adjusted price generated by Haver declined to $59.20 per barrel last week. Brent crude oil prices fell to $59.68 last week (-45.8% y/y) and were $58.30 yesterday.
Natural gas prices were stable last week at $3.60 per mmbtu (-15.6% y/y) but tumbled to $3.04 yesterday.
The demand for all petroleum products gained 1.4% y/y in the week ended December 12 and gasoline demand rose 4.1% y/y. Inventories of crude oil and petroleum products increased an accelerated 2.9% y/y and gasoline inventories grew 0.7% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the petroleum demand and inventory figures are in OILWKLY.
Weekly Energy Prices | 12/22/14 | 12/15/14 | 12/08/14 | Y/Y% | 2013 | 2012 | 2011 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon, Regular) | 2.40 | 2.55 | 2.68 | -26.5 | 3.51 | 3.62 | 3.52 |
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 55.81 | 61.14 | 67.18 | -43.0 | 97.95 | 94.20 | 95.14 |
Natural Gas ($/mmbtu, LA, WSJ) | 3.60 | 3.59 | 3.65 | -15.6 | 3.73 | 2.75 | 3.99 |