Recent Updates
- Global Supply Chain Pressure Index (Mar, Apr)
- US: Job Openings and Labor Turnover Survey by State (Mar)
- US: New Residential Construction (Apr)
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Economy in Brief
U.S. Mortgage Applications Continued to Slide Amid Higher Rates
The biggest declines have been in refinancing activity, while applications for purchase are just starting to crack...
UK Inflation Jumps
Inflation is at the highest rate since the series began in January of 1989...
U.S. Industrial Production Much Stronger than Expected in April
The increase in manufacturing output in April was once again led by motor vehicle and parts production...
U.S. Retail Sales Posted Solid Rise in April
Notwithstanding falling real incomes and declining confidence measures, consumer spending posted a solid increase...
U.S. Home Builder Index Took a Steep Drop in May
This is the fifth straight month that builder sentiment has declined...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation & Fed Policy: A Relationship Which Should Worry The Fed And Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
"Core" GDP Suggests Economy Gained Momentum in Q1:2022
by Tom Moeller October 16, 2018
Gasoline prices slipped to an average $2.88 per gallon last week (+15.7% y/y), down two cents from the prior week. Prices have meandered sideways since May. Haver Analytics constructs factors to adjust for the marked seasonal variation in prices. The seasonally-adjusted gasoline price held steady at $2.85 per gallon.
West Texas Intermediate crude oil prices eased to $72.94 per barrel (+43.7% y/y) from its five-year high of $75.11. Yesterday, the price declined to $71.78. Brent crude oil prices declined to $83.05 (+47.7% y/y) per barrel last week from $85.44. The price was $80.91 yesterday.
Natural gas prices rose sharply to $3.34/mmbtu (14.3% y/y) last week. Prices were up from the low of $2.52 in February.
During the latest four weeks, gasoline demand decreased 2.6% y/y; total petroleum product demand rose 0.2% y/y. Gasoline inventories strengthened 6.7% y/y, but inventories of all petroleum products declined 2.4% y/y as residual fuel oil inventories fell 14.9% y/y. Crude oil input to refineries strengthened 4.9% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 10/15/18 | 10/08/18 | 10/01/18 | Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.88 | 2.90 | 2.87 | 15.7 | 2.47 | 2.31 | 2.03 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 72.94 | 75.11 | 72.70 | 43.7 | 50.87 | 43.22 | 48.90 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 3.34 | 3.23 | 3.07 | 14.3 | 2.96 | 2.49 | 2.62 |