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Economy in Brief
Post Covid-19 Turbulence Rocks and Weakens German Retail Sales
German and other European retail sales have been put through a sort of test of fire in the wake of the covid-19 virus arrival...
ISM Manufacturing Index Improves in February as Prices Continue to Strengthen
Factory sector activity recovered last month following moderate weakening in January...
NABE Projects Firm Growth in 2022, as in 2021
The NABE expects 4.0% real GDP growth in 2022 following a 4.8% rise during 2021...
U.S. Construction Spending Strengthens Again in January
Building activity continues to strengthen...
Manufacturing PMIs Are Strengthening More in the Developed World
PMIs largely are improving in February...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller September 25, 2018
Gasoline prices, at $2.84 per gallon last week (10.1% y/y), were unchanged from the prior week and have been roughly steady since May. Haver Analytics constructs factors to adjust for the marked seasonal variation in prices. The seasonally-adjusted gasoline price rose w/w to $2.76 per gallon from $2.73.
West Texas Intermediate crude oil prices increased last week to $70.29 per barrel (40.2% y/y) as they closed in on the $73.71 peak reached early in July. Yesterday, the price rose to $72.08. Brent crude oil prices were little changed w/w at $78.64 (40.4% y/y) per barrel last week. The price was $81.33 yesterday.
Natural gas prices improved to $2.99/mmbtu (-3.2% y/y) last week. The price was $3.04 yesterday.
In the four-weeks ending September 21, gasoline demand increased 2.0% y/y; total petroleum product demand rose 4.9% y/y. Gasoline inventories strengthened 8.3% y/y, but inventories of all petroleum products declined 4.3% y/y due to a one-quarter decline in residual fuel oil inventories. Crude oil input to refineries strengthened 14.7% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 09/24/18 | 09/17/18 | 09/10/18 | Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.84 | 2.84 | 2.83 | 10.1 | 2.47 | 2.31 | 2.03 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 70.29 | 68.95 | 68.52 | 40.2 | 50.87 | 43.22 | 48.90 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.99 | 2.89 | 2.90 | -3.2 | 2.96 | 2.49 | 2.62 |