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Economy in Brief
U.S. ISM Services Index Weakens in February
The ISM Composite Index of Services Activity declined to 55.3 during February...
U.S. Mortgage Applications Edge Up
The MBA Mortgage Loan Applications Index edged up 0.5% w/w (5.4% y/y) in the week ended February 26...
U.S. Light Vehicle Sales Weaken in February
Sales of light vehicles declined 5.6% during February (-6.7% y/y) to 15.88 million units...
U.S. Gasoline & Crude Oil Prices Continue to Strengthen
The price of regular gasoline strengthened to $2.71 per gallon (11.9% y/y) in the week ended March 1...
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...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller November 6, 2018
Gasoline prices fell last week to an average $2.75 per gallon (+7.5% y/y) from $2.81 during the prior week. It was the lowest price since mid-April. Prices peaked at $2.96 late in May. Haver Analytics constructs factors to adjust for the marked seasonal variation in prices. The seasonally-adjusted gasoline price fell eight cents to $2.76 per gallon.
Continuing to decline last week were West Texas Intermediate crude oil prices to $65.06 per barrel (+19.2% y/y) from $67.49 in the prior week. It was the fourth consecutive weekly decline from the peak of $75.11 early in October and the lowest price since early-April. Yesterday, the price fell to $63.10. Brent crude oil prices declined to $74.54 per barrel (+22.4% y/y) last week from $77.42. Yesterday the price fell to $72.82.
Natural gas prices eased last week to $3.28/mmbtu (+18.0% y/y) from $3.32 in the prior week. Prices remained up from the low of $2.52 in February.
During the latest four weeks, gasoline demand fell 1.5% y/y; total petroleum product demand rose 5.4% y/y. Gasoline inventories strengthened 6.3% y/y, but inventories of all petroleum products declined 1.6% y/y. Crude oil input to refineries rose 2.4% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 11/05/18 | 10/29/18 | 10/22/18 | Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.75 | 2.81 | 2.84 | 7.5 | 2.47 | 2.31 | 2.03 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 65.06 | 67.49 | 70.27 | 19.2 | 50.87 | 43.22 | 48.90 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 3.28 | 3.32 | 3.26 | 18.0 | 2.96 | 2.49 | 2.62 |