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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.
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 July 28, 2020
• Gasoline prices slip.
• Crude oil prices rise slightly.
• Natural gas prices weaken.
Regular gasoline prices eased to $2.18 per gallon (-19.9% y/y) in the week ended July 27 from $2.19 in the previous week. The cost, nevertheless, remained near the highest level since just prior to the COVID-15 lockdowns. The spot market price eased to $1.22 per gallon last week. Haver Analytics adjusts the gasoline price series for regular seasonal variation. Seasonally-adjusted prices remained at $2.11 per gallon.
The price for a barrel of West Texas Intermediate crude oil rose to an average of $41.37 per barrel (-26.2% y/y) in the week ended July 24 from $40.57 in the prior week. It was the highest price since early-March when prices touched $45.35 per barrel. Yesterday, the price was $41.60 per barrel. The price of Brent crude oil edged up to $43.57 per barrel (-30.6% y/y) from $43.40. Yesterday, the price was $43.39 per barrel.
The average price of natural gas fell to $1.72/mmbtu (-25.3% y/y) in the week ended July 24 after slipping to $1.77 in the previous week. Prices remained below the $4.67/mmbtu peak in late-November 2018. Yesterday, the price strengthened to $1.85/mmbtu.
In the four weeks ending July 17, gasoline demand declined 9.5% y/y. Total petroleum product demand weakened 14.6% y/y. Crude oil input to refineries declined 17.6% y/y in the past four weeks, but it has risen sharply since mid-May. Gasoline inventories rose 6.1% y/y and inventories of all petroleum products increased 8.6% y/y.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 07/27/20 | 07/20/20 | 07/13/20 | Y/Y % | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.18 | 2.19 | 2.20 | -19.9 | 2.57 | 2.27 | 2.47 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 41.37 | 40.57 | 40.44 | -26.2 | 56.91 | 64.95 | 50.87 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 1.72 | 1.77 | 1.78 | -25.3 | 2.57 | 3.18 | 2.99 |