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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 May 21, 2019
Retail gasoline prices eased another two cents last week to $2.85 per gallon (-2.4% y/y) after falling slightly during the prior week. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price declined six cents to $2.71 per gallon.
West Texas Intermediate crude oil prices improved to an average of $62.09 per barrel last week (-12.9% y/y). The latest price compared to the early-October high of $75.11. Yesterday, prices rose to $63.10 per barrel. Brent crude oil prices rose to an average of $71.79 per barrel last week (-8.8% y/y). Prices reached a high of $84.96 in early October. The price was $72.02 yesterday.
Natural gas prices increased to $2.67/mmbtu last week (-4.6% y/y), the highest price in three weeks. Prices remained below the early-March high of $3.28/mmbtu.
In the four-weeks ending May 10, gasoline demand rose 0.5% y/y, while total petroleum product demand improved 0.3% y/y. Gasoline inventories declined 3.0% y/y, while inventories of all petroleum products gained 3.7% y/y. Crude oil input to refineries slipped 0.3% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 5/20/19 | 5/13/19 | 5/6/19 | Y/Y % | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.85 | 2.87 | 2.90 | -2.4 | 2.27 | 2.47 | 2.31 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 62.09 | 61.84 | 62.92 | -12.9 | 64.95 | 50.87 | 43.22 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.67 | 2.60 | 2.60 | -4.6 | 3.15 | 2.96 | 2.49 |