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Economy in Brief
Import Prices Continue Their Decline; Both Oil and Nonoil Prices Move Lower
Import prices fell a greater-than-expected 0.5% during January (-1.7% year-on-year)...
Empire State Manufacturing Activity Improves Modestly
The Empire State Manufacturing Index of General Business Conditions rose to 8.8 during February...
U.S. Retail Sales Exhibit Extensive Weakness
Total retail sales declined 1.2% (+2.3% y/y) during December...
U.S. Producer Prices Decline; Core PPI Rises
The headline Final Demand Producer Price Index edged down 0.1% for the second consecutive month in January (+2.0% y/y)...
U.S. Initial Claims for Unemployment Insurance Edge Back Higher
Initial claims for unemployment insurance were 239,000 in the week ended February 9...
by Tom Moeller October 31, 2017
Retail gasoline prices rose a penny last week to $2.49 per gallon (11.6% y/y), but remained lower than the $2.69 high early last month. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally adjusted gasoline pump price increased to $2.56 per gallon, the highest level in six weeks.
WTI crude oil prices rose to $52.59 per barrel last week (6.3% y/y) from $51.74 per barrel a week earlier. Prices improved yesterday to $54.15 per barrel. The two month futures price rose to $54.37 per barrel. Brent crude oil prices increased to $58.58 per barrel last week and were $60.65 per barrel yesterday.
Natural gas prices increased last week to $2.89/mmbtu (7.6% y/y) and were $2.87 yesterday.
In the week ended October 20, gasoline demand rose 1.6% y/y, while total petroleum product demand fell 3.6% y/y. Gasoline inventories fell 4.0% y/y, while inventories of all petroleum products were off 4.1% y/y. Crude oil input to refineries improved 1.0% y/y in the last four weeks, compared to sharp y/y improvement earlier this year.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 10/30/17 | 10/23/17 | 10/16/17 | Y/Y % | 2016 | 2015 | 2014 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon, Regular) | 2.49 | 2.48 | 2.49 | 11.6 | 2.31 | 2.03 | 2.30 |
Light Sweet Crude Oil, WTI ($ per bbl.) | 52.59 | 51.74 | 50.77 | 6.3 | 43.22 | 48.90 | 93.64 |
Natural Gas ($/mmbtu, LA, WSJ) | 2.89 | 2.83 | 2.92 | 7.6 | 2.49 | 2.62 | 4.37 |