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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...
EMU-16 Trade Flows and Balance
EMU-wide exports ticked lower in December as imports were flat...
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)...
by Tom Moeller June 05, 2018
Retail gasoline prices eased to $2.94 per gallon last week (+21.8% y/y) from $2.96 per gallon during the prior week. They remained near the highest price level since November 2014. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price fell slightly to $2.76 per gallon.
West Texas Intermediate crude oil prices declined to an average of $66.97 (+38.1% y/y) per barrel last week versus $70.97 per barrel in the week prior. Prices declined yesterday to $64.75 per barrel. Brent crude oil prices eased to an average of $76.62 per barrel last week and were $75.34 yesterday.
Natural gas prices improved to an average of $2.86/mmbtu last week (-3.2% y/y) from $2.83/mmbtu and were $2.92 yesterday.
In the four-weeks ending May 25, gasoline demand increased 0.8% y/y, while total petroleum product demand rose 1.3% y/y. Gasoline inventories declined 1.1% y/y, while inventories of all petroleum products dropped 8.4% y/y. Crude oil input to refineries declined 3.0% y/y in the last four weeks.
This data is reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 06/03/18 | 05/28/18 | 05/21/18 | Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.94 | 2.96 | 2.92 | 21.8 | 2.47 | 2.31 | 2.03 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 66.97 | 70.97 | 71.31 | 38.1 | 50.87 | 43.22 | 48.90 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.86 | 2.83 | 2.78 | -3.2 | 2.96 | 2.49 | 2.62 |