Recent Updates
- US: Consumer Sentiment (Aug-prelim), Import/Export Prices (Jul)
- US: Consumer Sentiment Detail (Aug-prelim)
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- Bulgaria: Agricultural PPI (Q2) Central Bank Survey (Jul)
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Economy in Brief
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller July 17, 2018
Retail gasoline prices edged up to $2.87 per gallon last week (+25.8% y/y) from $2.86 per gallon during the prior week. Prices have ranged between $2.80 and $2.96 since the middle of April. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price was $2.78 per gallon, little changed since mid-April.
West Texas Intermediate crude oil prices decreased to an average of $71.94 (+58.1% y/y) per barrel last week from the recent high of $73.71. Yesterday, prices fell sharply to $68.06 per barrel, the lowest price since late-June. Brent crude oil prices eased to an average of $76.14 per barrel last week and were $72.22 yesterday.
Natural gas prices eased to an average of $2.84/mmbtu last week (-3.9% y/y) from $2.86/mmbtu and were at the lowest level since early-May. Prices were $2.74 yesterday.
In the four-weeks ending July 6, gasoline demand declined 1.7% y/y, while total petroleum product demand fell 1.4% y/y. Gasoline inventories rose 1.4% y/y, while inventories of all petroleum products fell 7.6% y/y. Crude oil input to refineries was up 3.5% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 07/16/18 | 07/09/18 | 07/02/18 | Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.87 | 2.86 | 2.84 | 25.8 | 2.47 | 2.31 | 2.03 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 71.94 | 73.71 | 71.79 | 58.1 | 50.87 | 43.22 | 48.90 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.84 | 2.86 | 2.95 | -3.9 | 2.96 | 2.49 | 2.62 |