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Economy in Brief
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...
Euro Area Inflation Persists in Negative Territory
Euro area inflation is negative on a year-over-year basis for five months in a row...
U.S. Energy Prices Continue to Rise
The price of regular gasoline rose to $2.38 per gallon (-6.2% y/y)...
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. Housing Affordability Improves During November
The NAR reported that its Fixed Rate Mortgage Housing Affordability Index rose 0.7% (-0.7% y/y)...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
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 |