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- US: Import & Export Prices, IP & Capacity Utilization (Jan), Monthly GDP (Nov)
- US: Monthly GDP (Nov)
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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...
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)...
U.S. Initial Claims for Unemployment Insurance Edge Back Higher
Initial claims for unemployment insurance were 239,000 in the week ended February 9...
by Tom Moeller December 4, 2018
Gasoline prices fell to an average $2.45 per gallon (-2.0% y/y) from $2.54 during last week. Prices have fallen from an average high of $2.90 early last month, to the lowest level since December 2017. Haver Analytics constructs factors to adjust for the marked seasonal variation in prices. The seasonally-adjusted gasoline price fell eight cents last week to $2.55 per gallon.
West Texas Intermediate crude oil prices fell to an average of $51.09 per barrel last week (-11.6% y/y) from $55.06 in the prior week. Prices have fallen steadily since the peak of $75.11 in early-October to the lowest price since October 2017. Yesterday, prices were $52.95 per barrel. Brent crude oil prices declined to $59.77 per barrel (-5.5% y/y) last week from $62.85 during the prior week. Yesterday, prices were $61.92 per barrel.
Natural gas prices eased last week to $4.47/mmbtu (+53.5% y/y) from $4.67 in the prior week. Prices were up from the low of $2.52 last February.
During the latest four weeks, gasoline demand fell 0.9% y/y; total petroleum product demand rose 5.6% y/y. Gasoline inventories strengthened 4.9% y/y, but inventories of all petroleum products eased 0.6% y/y. Crude oil input to refineries has risen 0.5% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 12/03/18 | 11/26/18 | 11/19/18 | Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.45 | 2.54 | 2.61 | -2.0 | 2.47 | 2.31 | 2.03 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 51.09 | 55.06 | 56.94 | -11.6 | 50.87 | 43.22 | 48.90 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 4.47 | 4.67 | 4.23 | 53.5 | 2.96 | 2.49 | 2.62 |