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Economy in Brief
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...
U.S. Industrial Production Much Stronger than Expected in April
The increase in manufacturing output in April was once again led by motor vehicle and parts production...
U.S. Retail Sales Posted Solid Rise in April
Notwithstanding falling real incomes and declining confidence measures, consumer spending posted a solid increase...
U.S. Home Builder Index Took a Steep Drop in May
This is the fifth straight month that builder sentiment has declined...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
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Why Have the Yields on TIPS Been Negative in the Past Two Years?
"Core" GDP Suggests Economy Gained Momentum in Q1:2022
by Sandy Batten December 24, 2019
In the week ended December 23, retail gasoline prices edged down to $2.53 per gallon (+9.1% y/y), the sixth consecutive weekly decrease, from $2.54 per gallon in the previous week. Typically, gasoline prices weaken at this time of year; so Haver Analytics adjusts prices for seasonal variation. The seasonally adjusted gasoline price rose to $2.72 per gallon, the eight consecutive weekly increase and the highest price since mid-May, from $2.70 per gallon. The divergence of not seasonally adjusted and seasonally adjusted prices indicates that gasoline prices at the pump have fallen recently but not by as much as they usually do at this time of year.
In the week ended December 20, the West Texas Intermediate crude oil price rose to $60.74 per barrel (+29.6% y/y) from $59.25 per barrel in the previous week. This is the seventh consecutive weekly increase and pushed the price to its highest level since late May. Yesterday, the price was $60.52. Brent crude oil prices also rose to an average of $66.03 per barrel (+17.8% y/y) from $64.39 the previous week. They rose yesterday to $66.47 yesterday.
The weekly average price of natural gas prices rose to $2.28/mmbtu (-38.9% y/y) in the week ended December 20 from an average of $2.24/mmbtu in the previous week. This is the first weekly increase in the past six weeks.
In the four-weeks ending December 13, gasoline demand increased 0.5% y/y but total petroleum product demand declined 2.9% y/y. Gasoline inventories gained 3.1% y/y and inventories of all petroleum products increased 1.9% y/y. Crude oil input to refineries fell 5.1% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 12/23/19 | 12/16/19 | 12/09/19 | Y/Y % | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.53 | 2.54 | 2.56 | 9.1 | 2.27 | 2.47 | 2.31 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 60.74 | 59.25 | 57.64 | 29.6 | 64.95 | 50.87 | 43.22 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.28 | 2.24 | 2.37 | -38.9 | 3.18 | 2.99 | 2.51 |