Recent Updates
- Global Supply Chain Pressure Index (Mar, Apr)
- US: Job Openings and Labor Turnover Survey by State (Mar)
- US: New Residential Construction (Apr)
- Canada: CPI (Apr)
- Japan: NCI Economic Activity Index (May)
- more updates...
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.
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?
"Core" GDP Suggests Economy Gained Momentum in Q1:2022
by Tom Moeller March 3, 2020
Retail gasoline prices fell to $2.42 per gallon (0.0% y/y) in the week ended March 1 versus $2.47 per gallon in the previous week. Prices remained below an early-May peak of $2.90 per gallon. Haver Analytics adjusts prices for seasonal variation. The seasonally adjusted gasoline price fell to $2.55 per gallon.
The price of West Texas Intermediate crude oil declined to $48.34 per barrel (-13.9% y/y) in the week ended February 28, its lowest level since the first week of January 2019. Yesterday, the price of WTI declined to $46.75 per barrel. The price of Brent crude oil declined to an average of $53.47 per barrel (-18.4% y/y) last week after rising to $58.49 per barrel in the previous week. The price fell to $51.78 yesterday. Prices peaked at $67.38 at the end of last year.
The average price of natural gas declined to $1.90/mmbtu (-34.6% y/y) last week and reversed the prior week's increase. The price weakened to $1.75/mmbtu yesterday and remained below the peak of $2.81/mmbtu reach early in November.
In the four weeks ending February 21, gasoline demand improved 0.3% y/y, while total petroleum product demand fell 2.2% y/y. Gasoline inventories increased 0.6% y/y and inventories of all petroleum products increased 1.6% y/y. Crude oil input to refineries fell 1.7% y/y in the past four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 03/01/20 | 02/24/20 | 02/17/20 | Y/Y % | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.42 | 2.47 | 2.43 | 0.0 | 2.57 | 2.27 | 2.47 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 48.34 | 53.13 | 50.83 | -13.9 | 56.91 | 64.95 | 50.87 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 1.90 | 2.00 | 1.90 | -34.6 | 2.57 | 3.18 | 2.99 |