Recent Updates
- US: Consumer Sentiment (Feb-final), Chicago PMI (Feb),Personal Income, Adv Trade & Inventories (Jan)
- US: Consumer Sentiment Detail (Feb-final)
- Canada: Industrial Product Prices (Jan)
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Economy in Brief
Chicago Business Barometer Declines Sharply in February
The ISM-Chicago Purchasing Managers Business Barometer fell 4.3 points in February to 59.5...
Goods Trade Deficit Widened Slightly in January
The advance estimate of the U.S. trade deficit in goods widened slightly to $83.74 billion in January..
Japan's Industrial Sector Mounts a Comeback
Japan's IP surged in January gaining 4.3% compared to December...
Aircraft Orders Boost U.S. Durable Goods Orders in January
Manufacturers' orders for durable goods increased a much larger-than-expected 3.4% m/m (4.5% y/y) in January...
Kansas City Fed Manufacturing Index Increases Again in February
The Kansas City Fed reported that its manufacturing sector business activity index rose to 24 in February...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Sandy Batten February 9, 2021
• Gasoline prices rise to highest level in nearly a year.
• Oil prices post first y/y increase since January 2020.
• Natural gas prices jump up to highest level since March 2019.
The price of regular gasoline increased to $2.46 per gallon (+1.7% y/y) in the week ended February 8, its highest level in nearly a year, from $2.41 per gallon in the previous week. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price rose to $2.67 per gallon last week from $2.62 in the previous week.
West Texas Intermediate crude oil prices rose to an average of $55.42 per barrel (+10.1% y/y) in the week ended February 5 from $52.55 per barrel in the previous week. This was the highest price since the week ended January 24, 2020. The price rose to $57.97 per barrel yesterday. The average price of Brent crude oil increased to $58.11 per barrel (+6.3% y/y) last week from $55.63 in the previous week. The price rose to $60.53 yesterday.
The price of natural gas soared to $3.12/mmbtu (+65.1% y/y) in the week ended February 5 from $2.71/mmbtu in the previous week. This is the highest price since the week ended March 8, 2019. Yesterday, the price was $3.40/mmbtu.
In the four weeks ended January 29, gasoline demand fell 10.6% y/y while demand for all petroleum products declined 4.3% y/y. Crude oil input to refineries fell 10.6% y/y. Gasoline inventories fell 3.4% y/y while inventories of all petroleum products rose 2.0% y/y. The supply of gasoline in inventory in the week ended January 29 was 32.3 days, up from 32.0 days in the previous week and a recent low of 26.1 days in early October.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data are in USENERGY.
Weekly Energy Prices | 02/08/21 | 02/01/21 | 01/25/21 | Y/Y % | 2020 | 2019 | 2018 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon, Regular, Monday) | 2.46 | 2.41 | 2.39 | 1.7 | 2.24 | 2.57 | 2.27 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 55.42 | 52.55 | 52.88 | 10.1 | 39.43 | 56.91 | 64.95 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 3.12 | 2.71 | 2.54 | 65.1 | 2.03 | 2.57 | 3.18 |