Recent Updates
- US: Consumer Sentiment (Jan-prelim), Mfg & Trade Inventories & Sales (Nov), IP & Capacity Utilization, Adv Retail Sales, Producer Prices (Dec)
- US: Industrial Production Detail (Dec)
- US: Producer Price Indexes by Commodity Detail (Dec)
- more updates...
Economy in Brief
Empire State Manufacturing Index Declines in January
The Empire State Manufacturing Index of General Business Conditions decreased to 3.5 in January...
U.S. Industrial Production Continues Recovery
Industrial production advanced 1.6% in December...
U.S. PPI Rose 0.3% in December
The Producer Price Index for final demand rose 0.3% (0.8% y/y) in December...
U.S. Business Inventories Accumulate during November as Sales Weaken
Total business inventories increased 0.5% during November (-3.2% y/y)...
The EMU Trade Surplus Stabilizes
Both exports and imports have been regaining momentum...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller May 7, 2019
Retail gasoline prices improved by one penny last week to $2.90 per gallon (1.8% y/y) after rising five cents during the prior week. It was the highest level since early-October and roughly matched the 2018 high. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price held steady at $2.80 per gallon, also near the one-year high.
After weeks of strength, West Texas Intermediate crude oil prices backed off to an average of $62.91 per barrel last week (-8.0% y/y). That came after rising to an average $65.26 in the prior period. The latest price was the lowest in four weeks. Yesterday, prices eased to $62.25 per barrel. Brent crude oil prices fell to an average of $71.42 per barrel last week (-3.4% y/y) from its four-week high of $73.82. The price was $71.48 yesterday.
Natural gas prices improved to $2.59/mmbtu last week (-5.8% y/y) then slipped to $2.54 yesterday. These remained the lowest prices since February 2018 and below the early-March high of $3.28/mmbtu.
In the four-weeks ending April 26, gasoline demand rose 1.5% y/y, while total petroleum product demand improved 0.5% y/y. Gasoline inventories declined 4.7% y/y, while inventories of all petroleum products gained 2.5% y/y. Crude oil input to refineries fell 2.9% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 5/6/19 | 4/29/19 | 4/22/19 | Y/Y % | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.90 | 2.89 | 2.84 | 1.8 | 2.27 | 2.47 | 2.31 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 62.91 | 65.26 | 63.80 | -8.0 | 64.95 | 50.87 | 43.22 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.59 | 2.56 | 2.63 | -5.8 | 3.15 | 2.96 | 2.49 |