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Economy in Brief
Macro Expectations Hold to the High Ground
In January, the ZEW index paints a mixed and somewhat uneven view of its survey universe...
U.S. Housing Affordability Improves During November
The NAR reported that its Fixed Rate Mortgage Housing Affordability Index rose 0.7% (-0.7% y/y)...
U.S. Retail Sales Continue to Fall During December as COVID-19 Cases Increase
Total retail sales declined 0.7% (+2.9% y/y) during December...
Empire State Manufacturing Index Declines in January
The Empire State Manufacturing Index of General Business Conditions decreased to 3.5 in January...
U.S. Industrial Production Continues Recovery
Industrial production advanced 1.6% in December...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller February 21, 2018
Retail gasoline prices fell to $2.56 per gallon last week (+11.1% y/y) from $2.61 per gallon. Prices reached a peak level of $2.64 two weeks ago. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price fell to $2.77 per gallon from $2.84, but remained near the highest level since December 2014.
WTI crude oil prices declined sharply to $60.47 per barrel last week (+13.6% y/y) to the lowest level since the end of December. Prices improved yesterday to $61.90 per barrel. Brent crude oil prices declined to $62.85 per barrel last week, but rose to $64.68 yesterday.
Natural gas prices weakened to $2.52/mmbtu last week (-11.6% y/y) and were $2.61/mmbtu yesterday.
In the week ended February 9, gasoline demand increased 6.5% y/y, while total petroleum product demand improved 6.9% y/y. Gasoline inventories declined 3.9% y/y, while inventories of all petroleum products fell 8.9% y/y. Crude oil input to refineries improved 3.3% y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 02/19/18 | 02/12/18 | 02/05/18 | Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon, Regular) | 2.56 | 2.61 | 2.64 | 11.1 | 2.47 | 2.31 | 2.03 |
Light Sweet Crude Oil, WTI ($ per bbl.) | 60.47 | 62.01 | 65.22 | 13.6 | 50.87 | 43.22 | 48.90 |
Natural Gas ($/mmbtu, LA, WSJ) | 2.52 | 2.72 | 3.25 | -11.6 | 2.96 | 2.49 | 2.62 |