Recent Updates
- US: FHFA HPI (Nov)
- US: Philadelphia Fed Nonmanufacturing Business Outlook (Jan)
- IMF: IMF World Economic Outlook (Jan 2021)
- Mexico: Service Sector, Retail & Wholesale Trade (Nov)
- Israel: Exports of Services (Nov)
- more updates...
Economy in Brief
Chicago Fed National Activity Index Improves During December
The Federal Reserve Bank of Chicago's National Activity Index increased to 0.52 during December...
German IFO Gauge Weakens Again
The IFO climate diffusion gauge fell to -0.6 in January...
U.S. Existing Home Sales Edge Up in December; 2020 Sales Are Highest Since 2006
The NAR reported that sales of existing homes rose 0.7% (22.2% y/y) during December...
Composite PMIs...the Best of Times; the Worst of Times-Really?
PMI data now rank observations on their range of values since December 2016...
U.S. Housing Starts Rise Again in December
Housing starts increased 5.8% (5.2% y/y) during December to 1.669 million...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller December 18, 2018
Gasoline prices fell to an average $2.37 per gallon (-3.3% y/y) from $2.42 last week. Prices have fallen from an average high of $2.90 early last month to currently 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 three cents last week to $2.50 per gallon.
West Texas Intermediate crude oil prices eased to an average of $51.53 per barrel (-9.9% y/y) after rising to $52.67 in the prior week. Prices have declined steadily since the peak of $75.11 in early-October. Yesterday, prices declined to $49.88 per barrel. Brent crude oil prices fell last week to an average $60.34 per barrel (-1.5% y/y) from $61.47 during the prior week. Yesterday, prices were $59.02 per barrel.
Natural gas prices fell last week at an average $4.33/mmbtu (+56.3% y/y). Prices were up from a low of $2.52 last February. The price was $3.80 yesterday.
During the latest four weeks, gasoline demand held steady y/y; total petroleum product demand rose 5.5% y/y. Gasoline inventories increased 0.8% y/y, but inventories of all petroleum products eased 1.1% y/y. Crude oil input to refineries rose 2.0% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 12/17/18 | 12/10/18 | 12/03/18 | Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.37 | 2.42 | 2.45 | -3.3 | 2.47 | 2.31 | 2.03 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 51.53 | 52.67 | 51.09 | -9.9 | 50.87 | 43.22 | 48.90 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 4.33 | 4.49 | 4.43 | 56.3 | 2.96 | 2.49 | 2.62 |