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- China: GDP (Q1)
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Economy in Brief
U.S. Housing Affordability Fell Back in February, but Still in Recent Range
The NAR U.S. Fixed Rate Mortgage Housing Affordability Index decreased 7.6% (-1.4% y/y) in February to 173.1...
European New Car Registrations Remarkably Strong Yet Forgettable
Car registrations are not going to be the only statistic that bears these dual and seemingly dueling characteristics...
U.S. Retail Sales Soar in March
Total retail sales including food service and drinking establishments increased 9.8% (27.7% y/y) during March...
U.S. Industrial Production Rebounded in March
Industrial production rebounded in March, rising 1.4% m/m (+1.0% y/y)...
U.S. Home Builder Index Edges Higher in April
The NAHB-Wells Fargo Composite Housing Market Index rose 1.2% to 83 during April...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller March 3, 2015
Gasoline prices continued upward by 14 cents last week to $2.47 per gallon (-28.9% y/y) following the prior week's 6 cent increase. Prices have risen 43 cents (21.0%) since the low 5 weeks ago. Despite the gains, prices remained well below the $3.70 per gallon peak reached this past June. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The seasonally adjusted price moved up 10 cents last week to $2.49 per gallon and increased 25 cents (11.2%) from the low, indicating that much of recent pump price rise was to be expected.
For the week ended February 27, WTI crude oil prices declined to an average $49.53 per barrel (-51.8% y/y), but still were higher than the low of $45.72. Yesterday, prices held steady at $49.59 per barrel. These prices compare to a June peak of $107.95. The seasonally adjusted price generated by Haver Analytics declined to $50.38 per barrel last week, up from the low of 48.99. Brent crude oil prices were steady last week at $60.63 per barrel (-44.5% y/y) and were $60.75 yesterday.
Natural gas prices increased to $3.08 (-41.0% y/y) per mmbtu during the week ended February 27. Prices improved 43 cents (16.4%) from the low four weeks ago but fell back to $2.84 yesterday.
The demand for all petroleum products strengthened 5.1% y/y and gasoline demand increased 3.3% y/y. Inventories of crude oil and petroleum products increased 8.2% y/y and gasoline inventories grew 4.1% y/y.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 02/30/15 | 02/23/15 | 02/16/15 | Y/Y% | 2014 | 2013 | 2012 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon, Regular) | 2.47 | 2.33 | 2.27 | -28.9 | 3.36 | 3.51 | 3.62 |
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 49.53 | 51.79 | 51.14 | -51.8 | 93.63 | 97.95 | 94.20 |
Natural Gas ($/mmbtu, LA, WSJ) | 3.08 | 2.96 | 2.74 | -41.0 | 4.37 | 3.73 | 2.7 |