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Economy in Brief
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...
U.S. Housing Starts Dip in April but Remain Elevated
The pattern of housing construction activity seems to be shifting toward multifamily...
U.S. Mortgage Applications Continued to Slide Amid Higher Rates
The biggest declines have been in refinancing activity, while applications for purchase are just starting to crack...
UK Inflation Jumps
Inflation is at the highest rate since the series began in January of 1989...
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 & 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 December 10, 2019
In the week ended December 9, retail gasoline prices edged down to $2.56 per gallon (+5.8% y/y) from $2.58 per gallon the previous week. Typically, gasoline prices weaken at this time of year. Haver Analytics adjusts these price figures for seasonal variation. The seasonally adjusted price was unchanged at $2.69 per gallon. This was the highest price since the week ended May 20.
In the week ended December 6, West Texas Intermediate crude oil prices rose to an average of $57.64 (9.4% y/y) per barrel, with the daily price rising during the week, from an average of $57.33 the previous week. This was the fifth consecutive weekly increase. Yesterday, the price was $59.02. In contrast, Brent crude oil prices declined to an average of $62.12 (+1.1% y/y) per barrel, the first weekly decline in nine weeks, from an average of $63.20 the previous week. However, the daily price rose during the most recent week to stand at $64.16 yesterday.
The weekly average price of natural gas prices declined for the fourth consecutive week to $2.37/mmbtu (-47.2% y/y) in the week ended December 6 from an average of $2.49/mmbtu the previous week. Yesterday, the price fell to further to $2.17/mmbtu yesterday.
In the four-weeks ending November 29, gasoline demand increased 0.8% y/y. Total petroleum product demand also rose, up 0.3% y/y. Gasoline inventories gained 1.4% y/y while inventories of all petroleum products edged up 0.2% y/y. Crude oil input to refineries fell 4.2% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 12/09/19 | 12/02/19 | 11/25/19 | Y/Y % | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.56 | 2.58 | 2.58 | 5.8 | 2.27 | 2.47 | 2.31 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 57.64 | 57.33 | 57.02 | 9.4 | 64.95 | 50.87 | 43.22 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.37 | 2.49 | 2.58 | -47.2 | 3.18 | 2.99 | 2.51 |