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Economy in Brief
U.S. FHFA House Prices Continued to Rise in April
The FHFA House Price Index increased 1.6% during April...
U.S. Advance Trade Deficit Narrowed Slightly in May
The advance estimate of the U.S. international trade deficit in goods narrowed to $104.3 billion in May...
U.S. Energy Prices Decline
The AAA retail price of gasoline fell seven cents to $4.94 per gallon (+60.4% y/y) in the week ended June 24...
French Consumer Worries Intensify in the Wake of Russia Attack
French confidence is weak in June 2022...
U.S. Durable Goods Orders Firm in May
Manufacturers' new orders for durable goods exhibited unexpected improvement in May...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller December 11, 2018
Gasoline prices declined to an average $2.42 per gallon (-2.6% y/y) from $2.45 during last week. Prices have fallen from an average high of $2.90 early last month to the lowest level since August 2017. Haver Analytics constructs factors to adjust for the marked seasonal variation in prices. The seasonally-adjusted gasoline price fell two cents last week to $2.55 per gallon.
The recent decline in crude oil prices stabilized last week as West Texas Intermediate crude oil prices rose to an average of $52.64 per barrel (-7.6% y/y) after falling to $51.09 in the prior week. Prices have declined steadily since the peak of $75.11 in early-October. Yesterday, prices were 51.00 per barrel. Brent crude oil prices rose last week to an average $61.47 per barrel (-1.5% y/y) from $59.77 during the prior week. Yesterday, prices returned to $59.77 per barrel.
Natural gas prices held steady last week at an average $4.44/mmbtu (+56.3% y/y). Prices are up from a low of $2.52 last February. The price was $4.54 yesterday.
During the latest four weeks, gasoline demand improved 0.2% y/y; total petroleum product demand rose 7.6% y/y. Gasoline inventories rose 2.4% y/y, but inventories of all petroleum products eased 0.9% y/y. Crude oil input to refineries has risen 1.0% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 12/10/18 | 12/03/18 | 11/26/18 | Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.42 | 2.45 | 2.54 | -2.6 | 2.47 | 2.31 | 2.03 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 52.64 | 51.09 | 55.06 | -7.6 | 50.87 | 43.22 | 48.90 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 4.44 | 4.43 | 4.67 | 56.3 | 2.96 | 2.49 | 2.62 |