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Economy in Brief
U.S. Construction Spending Unexpectedly Dips in May After Seven Straight Monthly Rises
The value of construction put-in-place ticked down 0.1% m/m (+9.7% y/y) in May...
Developed Economies Manufacturing Sectors Hit Hard in June
Among the 18 countries in the table that report manufacturing PMI data in June, only four show m/m improvements...
U.S. Income Gained, Spending Slowed in May
Personal income growth remained solid while household spending slowed in May...
U.S. Chicago Business Barometer Falls Back in June to the Lowest Level since Aug. '20
The ISM-Chicago Purchasing Managers Business Barometer fell to 56.0...
U.S. Unemployment Claims Edged Down
Initial claims for unemployment insurance filed in the week ended June 25 declined by 2,000 to 231,000...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller December 1, 2020
• Gasoline prices improve.
• Crude oil costs continue to rise.
• Natural gas prices move lower.
The price of regular gasoline improved last week, rising to $2.12 per gallon (-17.7% y/y) and reversing the prior week's decline to $2.10. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price rose five cents to $2.22 per gallon last week, its highest level since the third week of March.
West Texas Intermediate crude oil prices increased to an average of $44.72 per barrel (-22.0% y/y) in the week ended November 27 from $41.59 per barrel in the previous week. This was the highest price since in eight months, up from $20.62 in late-March. The price was $45.34 yesterday. The average price of Brent crude oil rose to $47.10 per barrel (-25.5% y/y) in the same week from $44.30 per barrel in the previous week. It increased to $47.96 yesterday.
The price of natural gas price eased to $2.35/mmbtu (-5.4% y/y) in the week ended November 27 from $2.39/mmbtu in the previous week. Prices temporarily spiked to $3.09/mmbtu late in October from roughly half that earlier in the month. The price rose to $2.89 yesterday.
In the four weeks ended November 20, gasoline demand declined 9.2% y/y. Total petroleum product demand fell 9.1% y/y. Crude oil input to refineries was down 14.5% y/y over the past four weeks. Gasoline inventories increased 1.8% y/y and inventories of all petroleum products were up 4.9% y/y. The supply of gasoline in inventory of 27.5 days stands substantially below 48.7 days in late-April.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 11/30/20 | 11/23/20 | 11/16/20 | Y/Y % | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon, Regular, Monday) | 2.12 | 2.10 | 2.11 | -17.7 | 2.57 | 2.27 | 2.47 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 44.72 | 41.59 | 40.75 | -22.0 | 56.91 | 64.95 | 50.87 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.35 | 2.39 | 2.75 | -5.4 | 2.57 | 3.18 | 2.99 |