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Economy in Brief
Philadelphia Fed Manufacturing Index Jumps in January
The Federal Reserve Bank of Philadelphia Factory Sector Business Conditions Index jumped to January to 26.5...
U.S. Initial Jobless Claims Ease, but Are Still High
Initial claims for unemployment insurance fell to 900,000 in the week ended January 16...
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The spread of the virus in Franc is still untamed...
U.S. Home Builder Sentiment Slips in January
The Composite Housing Market Index from the NAHB-Wells Fargo declined 3.5% m/m (+10.7% y/y) in January...
Decline in Refinancing Drags Down U.S. Mortgage Applications
The MBA Mortgage Loan Applications Index fell 1.9% w/w (+56.2% y/y) in the weekend January 15...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller November 19, 2019
Retail gasoline prices declined to $2.59 per gallon last week (-0.7% y/y) from $2.62 in the previous week. It was the lowest price in two months. Weakness in gasoline demand typically leads to lower prices this time of year. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price rose to $2.62 per gallon, the highest level since the last week of July.
West Texas Intermediate crude oil prices rose slightly to an average $56.98 (0.1% y/y) per barrel last week versus $56.78 during the prior week. It remained the highest price in two months. Yesterday, prices rose further to $57.05. Brent crude oil prices improved to $62.44 (-6.7% y/y) per barrel last week and were $62.23 yesterday.
Natural gas prices declined to $2.73/mmbtu last week (-35.5% y/y) and reversed roughly half of the prior week's rise.
In the four-weeks ending November 8, gasoline demand increased 2.6% y/y. Total petroleum product demand rose 0.2% y/y. Gasoline inventories decreased 3.3% y/y in the week ending November 8, while inventories of all petroleum products grew 0.4% y/y. Crude oil input to refineries fell 3.6% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy and the National Climate Data Center. The price data can be found in Haver's WEEKLY and DAILY databases. Weekly U.S. National (Contiguous 48 States) temperature can be found in WEEKLY. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 11/18/19 | 11/11/19 | 11/04/19 | Y/Y % | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.59 | 2.62 | 2.61 | -0.7 | 2.27 | 2.47 | 2.31 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 56.98 | 56.78 | 55.24 | 0.1 | 64.95 | 50.87 | 43.22 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.73 | 2.81 | 2.62 | -35.5 | 3.18 | 2.99 | 2.51 |