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Economy in Brief
UK Consumer Sentiment Hits Lowest Reading since 1996
(when the GFK survey began; also lowest reading 'ever')
Of these 13 readings eight of them declined on the month in May three of them improved and two of them were unchanged...
U.S. Existing Home Sales Continue to Fall in April as Houses Become Less Affordable
The combination of soaring home prices across the nation and rising interest rates is making homes less affordable...
U.S. Index of Leading Indicators Fell in April
Five of the index's components fell in April, one was unchanged and four increased...
U.S. Unemployment Claims Rose in the Latest Week
The state insured rates of unemployment in regular programs vary widely...
CBI Gauge in the UK Continues to Be Upbeat
The global economy has a lot of challenges...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Profits and Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
by Sandy Batten October 8, 2019
In the week ended October 7, the U.S. pump price for gasoline edged up to $2.65 per gallon (-8.9% y/y) from $2.64 the previous week. This price has been relatively stable for the past three weeks. Haver Analytics adjusts these price figures for seasonal variation. The seasonally adjusted price was unchanged at $2.54 per gallon.
In the week ended October 4, the price of West Texas Intermediate crude oil fell to $53.12 per barrel (-29.3% y/y) from $56.95 per barrel in the previous week. This was the second consecutive significant weekly decline and the lowest weekly price since mid-June after the price had spiked up in the week of September 13 following an attack on some key Saudi Arabian production facilities. Yesterday, the price was $52.75 per barrel. The price of Brent crude oil fell to $58.35 per barrel (-31.3% y/y) from $62.92 the previous week. Yesterday, the price was also $58.35.
The price of natural gas fell sharply to $2.33 per mmbtu (-27.9% y/y) in the week ended October 4 from $2.52 per mmbtu in the previous week. This was the third consecutive weekly decline though the price remained above the recent low of $2.11 averaged in the second week of August. Yesterday the price edged up to $2.36.
For the four weeks ending September 27, U.S. gasoline demand slipped 0.1% y/y while total petroleum product demand increased 2.1% y/y. U.S. gasoline inventories fell 2.2% y/y while inventories of all petroleum products increased 1.7% y/y. Crude oil input to U.S. refineries fell 2.4% y/y.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. More detail on prices, demand, production and inventories, including regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 10/7/19 | 9/30/19 | 9/23/19 | Y/Y % | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.65 | 2.64 | 2.65 | -8.9 | 2.27 | 2.47 | 2.31 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 53.12 | 56.95 | 59.30 | -29.3 | 64.95 | 50.87 | 43.22 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.33 | 2.52 | 2.63 | -27.9 | 3.18 | 2.99 | 2.51 |