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Economy in Brief
Composite PMIs Step Back But Most Still Show Expansion
The S&P global composite PMIs took a turn for the worse in June...
U.S. ISM Manufacturing Index Falls Back in June to the Lowest Level in Two Years
The ISM U.S. manufacturing PMI fell to 53.0 in June...
U.S. Construction Spending Unexpectedly Dips in May After Seven Straight Monthly Rises
The value of construction put-in-place ticked down 0.1% m/m (+9.7% y/y) in May...
Developed Economies Manufacturing Sectors Hit Hard in June
Among the 18 countries in the table that report manufacturing PMI data in June, only four show m/m improvements...
U.S. Income Gained, Spending Slowed in May
Personal income growth remained solid while household spending slowed in May...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller April 2, 2019
U.S. retail gasoline prices increased this week to $2.69 per gallon (-0.3% y/y), up from the low of $2.24 early in January. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price rose to $2.73 per gallon, the highest level since October.
West Texas Intermediate crude oil prices were little-changed w/w at an average of $59.49 (-8.5% y/y) per barrel. Prices have been rising since the low of $44.55 per barrel in late-December but remained below the high of $75.11 early in October. Yesterday, prices strengthened to $61.59. Brent crude oil prices held steady w/w at an average of $67.59 per barrel, up from a late-December low of $52.36. They were $69.01 yesterday.
Natural gas prices declined to an average of $2.71/mmbtu last week (+1.5% y/y). Prices were below the November high of $4.67/mmbtu. The price was $2.74 yesterday.
In the four-weeks ending March 22, gasoline demand declined 1.9% y/y, while total petroleum product demand was little changed y/y. Gasoline inventories eased 0.4% y/y, while inventories of all petroleum products rose 0.9% y/y. Crude oil input to refineries declined 2.8% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY
Weekly Energy Prices | 4/1/19 | 3/25/19 | 3/18/19 | Y/Y % | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.69 | 2.62 | 2.55 | -0.3 | 2.27 | 2.47 | 2.31 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 59.49 | 59.38 | 57.81 | -8.5 | 64.95 | 50.87 | 43.22 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.71 | 2.86 | 2.89 | 1.5 | 3.18 | 2.99 | 2.51 |