Recent Updates
- Bulgaria: Foreign Trade (Oct), FDI Flows, BOP (Nov)
- Russia: BOP (Q3), Loans Extended (Nov)
- Ireland: Bank Lending Survey (Q1), Property Price Index (Nov)
- Ghana: Debt Holdings (Dec)
- Estonia: Bank Lending Survey (Q4)
- more updates...
Economy in Brief
Macro Expectations Hold to the High Ground
In January, the ZEW index paints a mixed and somewhat uneven view of its survey universe...
U.S. Retail Sales Continue to Fall During December as COVID-19 Cases Increase
Total retail sales declined 0.7% (+2.9% y/y) during December...
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...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
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 |