Recent Updates
- US: Consumer Sentiment (Jan-prelim), Mfg & Trade Inventories & Sales (Nov), IP & Capacity Utilization, Adv Retail Sales, Producer Prices (Dec)
- US: Industrial Production Detail (Dec)
- US: Producer Price Indexes by Commodity Detail (Dec)
- more updates...
Economy in Brief
Empire State Manufacturing Index Declines in January
The Empire State Manufacturing Index of General Business Conditions decreased to 3.5 in January...
U.S. Industrial Production Continues Recovery
Industrial production advanced 1.6% in December...
U.S. PPI Rose 0.3% in December
The Producer Price Index for final demand rose 0.3% (0.8% y/y) in December...
U.S. Business Inventories Accumulate during November as Sales Weaken
Total business inventories increased 0.5% during November (-3.2% y/y)...
The EMU Trade Surplus Stabilizes
Both exports and imports have been regaining momentum...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Sandy Batten January 12, 2021
• Gasoline prices rise to highest since early March 2020.
• Crude oil prices increase to highest since late February 2020.
• Natural gas prices jump up to eight-week high.
The price of regular gasoline rose to $2.32 per gallon (-9.8% y/y) in the week ended January 11 from $2.25 per gallon in the previous week. It was the highest price since early March 2020. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price rose to $2.50 per gallon last week, also its highest level since early March, from $2.42 the previous week.
West Texas Intermediate crude oil prices rose to an average of $50.25 per barrel (-17.4% y/y) in the week ended January 8, its highest reading since late February 2020, from $48.07 in the previous week. The price rose further to $52.25 yesterday. The average price of Brent crude oil increased to $53.14 (-20.2% y/y) last week from $51.34 per barrel in the previous week. The price was $55.51 yesterday.
The price of natural gas jumped to $2.74/mmbtu (+31.1% y/y) in the week ended January 8 from $2.38/mmbtu in the previous week. Prices remained elevated versus $1.52/mmbtu in the third week of June. The price slipped to $2.71/mmbtu yesterday.
In the four weeks ended January 1, gasoline demand declined 11.9% y/y. Total petroleum product demand fell 9.3% y/y. Crude oil input to refineries fell 16.0% y/y. Gasoline inventories fell 4.2% y/y while inventories of all petroleum products rose 3.7% y/y. The supply of gasoline in inventory in the week ended January 1 was 30.6 days, up from a recent low of 26.4 days in mid-October.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data are in USENERGY.
Weekly Energy Prices | 01/11/21 | 01/04/21 | 12/28/20 | Y/Y % | 2020 | 2019 | 2018 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon, Regular, Monday) | 2.32 | 2.25 | 2.24 | -9.8 | 2.24 | 2.57 | 2.27 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 50.25 | 48.07 | 47.79 | -17.4 | 39.43 | 56.91 | 64.95 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.74 | 2.38 | 2.72 | 31.1 | 2.03 | 2.57 | 3.18 |