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The Conference Board's Composite Index of Leading Economic Indicators rebounded in March, rising 1.3% m/m (+7.9% y/y)...
Chicago Fed National Activity Index Increases in March
The Chicago Fed's National Activity Index increased to 1.71 during March...
Kansas City Fed Manufacturing Activity Strengthens in April
The Kansas City Fed reported that its manufacturing sector business activity index rose to a record 31 in April...
U.S. Initial Jobless Claims Fall Again to a New Pandemic-Period Low
Initial claims for unemployment insurance decreased again in the week ending April 17, reaching 547,000...
U.K. CBI Optimism Speaks Volumes
The U.K. CBI survey saw its order component backtrack in April...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller July 2, 2019
U.S. retail gasoline prices increased for the first time in eight weeks, rising to $2.71 (-4.6% y/y) per gallon during the week ended July 1. Haver Analytics calculates factors that adjust for the seasonal variation in gasoline pump prices. The seasonally adjusted price increased to $2.63 per gallon.
Continuing the recent rally, the weekly average price of West Texas Intermediate crude oil rose to an average $58.53 per barrel (-18.5% y/y) in the week ended June 28 from $54.75 in the previous week. Yesterday prices rose further to $59.09 per barrel. Brent crude oil prices rose to an average of $65.15 (-15.4% y/y) last week from $62.94 per barrel in the previous week. Yesterday, the price slipped to $64.97.
U.S. natural gas prices declined sharply last week, continuing the recent trend downward. The price of $2.34/mmbtu (-20.6% y/y) was the lowest since November 2016 and remained well below November's high of $4.67/mmbtu. The price rose yesterday to $2.31 from $2.27 on Friday.
In the four-weeks ending June 21, U.S. gasoline demand rose 2.1% y/y, the largest y/y rise since early May, while total petroleum product demand gained 1.8% y/y. U.S. gasoline inventories declined 3.7%y/y, but inventories of all petroleum products strengthened 4.6% y/y. Crude oil input to U.S. refineries fell 2.5% y/y.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, including regional breakdowns, are in OILWKLY.
Oil & Gas Activity Flat amid Surging Uncertainty and Increasingly Pessimistic Outlooks from the Federal Reserve Bank of Dallas can be found here.
Weekly Energy Prices | 7/1/2019 | 6/24/2019 | 6/17/2019 | Y/Y % | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.71 | 2.65 | 2.67 | -4.6 | 2.27 | 2.47 | 2.31 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 58.53 | 54.75 | 52.50 | -18.5 | 64.95 | 50.87 | 43.22 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.34 | 2.40 | 2.41 | -20.6 | 3.15 | 2.96 | 2.49 |