Recent Updates
- US: Consumer Sentiment (Jan-prelim), Mfg & Trade Inventories & Sales (Nov), IP & Capacity Utilization, Adv Retail Sales, Producer Prices (Dec)
- US: Industrial Production Detail (Dec)
- US: Producer Price Indexes by Commodity Detail (Dec)
- more updates...
Economy in Brief
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...
U.S. PPI Rose 0.3% in December
The Producer Price Index for final demand rose 0.3% (0.8% y/y) in December...
U.S. Business Inventories Accumulate during November as Sales Weaken
Total business inventories increased 0.5% during November (-3.2% y/y)...
The EMU Trade Surplus Stabilizes
Both exports and imports have been regaining momentum...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller May 22, 2018
Strong demand continues to help power prices higher for energy products. Retail gasoline prices rose to $2.92 per gallon yesterday (21.8% y/y) from $2.87 per gallon during the prior week. It was the highest price level since November 2014. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price inched higher to $2.78 per gallon, the highest level since mid-February.
West Texas Intermediate crude oil prices rose to an average of $71.32 (41.8% y/y) per barrel last week from $70.60 per barrel in the week prior. Prices increased further yesterday to $72.24 per barrel. Brent crude oil prices increased to an average of $78.75 per barrel last week and were $78.34 yesterday.
Natural gas prices improved to an average of $2.78/mmbtu last week (-9.5% y/y) and held near that level yesterday. Prices were improved from a $2.68 low three months ago.
In the four-weeks ending May 11, gasoline demand edged increased 0.7% y/y, while total petroleum product demand rose 1.5% y/y. Gasoline inventories declined 3.8% y/y, while inventories of all petroleum products dropped 6.9% y/y. Crude oil input to refineries decreased 3.0% y/y in the last four weeks.
This data is reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 05/21/18 | 05/14/18 | 05/07/18 | Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.92 | 2.87 | 2.85 | 21.8 | 2.47 | 2.31 | 2.03 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 71.32 | 70.60 | 68.38 | 41.8 | 50.87 | 43.22 | 48.90 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.78 | 2.73 | 2.71 | -9.5 | 2.96 | 2.49 | 2.62 |