Recent Updates

  • UK: Lloyds TSB Business Barometer (Nov)
  • China: Steel PMI, Manufacturing PMI, Nonmanufacturing PMI (Nov)
  • New Zealand: ANZ Business Outlook Survey (Nov)
  • Australia: Assets & Liabilities of ADIS (Oct), External Debt, International Investment Position, BOP (Q3)
  • more updates...

Economy in Brief

U.S. Energy Prices Are Mixed
by Tom Moeller  November 16, 2021

• Gasoline prices ease.

• Crude oil prices edge higher.

• Natural gas prices decline.

Retail gasoline prices eased 0.3% (+61.0% y/y) to $3.40 per gallon in the week ended November 15 from $3.41 per gallon in the previous week. Prices remained at the highest level since September 2014 and were almost double their low of $1.77 per gallon in April 2020. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price rose to $3.45 per gallon from $3.42 per gallon in the previous week.

The price of West Texas Intermediate crude oil improved 0.2% (+101.1% y/y) to $81.96 per barrel in the week ended November 12 from $81.78 per barrel in the previous week. The price remained below the late-October high of $83.85 per barrel. Yesterday, the price was $80.88 per barrel. The average price of Brent crude oil rose to $83.17 per barrel last week (92.5% y/y) from $82.72 per barrel in the prior week. The price was $82.10 per barrel yesterday.

Natural gas prices fell 6.9% (+85.5% y/y) to $5.10/mmbtu in the week ended November 12 after easing to $5.48/mmbtu in the prior week. It was the lowest price in three weeks, down from the $5.87/mmbtu high five weeks ago. Yesterday, the price fell to $4.77/mmbtu.

In the four weeks ended November 5, gasoline demand increased 11.2% y/y, up from 6.4% y/y growth early in October. Demand for all petroleum products rose 6.1% y/y in the latest week. Crude oil input to refineries rose 13.1% y/y. Gasoline inventories fell 5.6% y/y, while crude oil inventories declined 7.4% y/y.

The supply of gasoline inventories in the week ending November 5 eased to 22.6 days and remained down sharply from the recent high of 32.9 days in the third week of February. The supply of crude oil edged lower to 28.8 days and remained below the recent high of 41.8 days in the second week of March.

These data are reported by the Energy Information Administration of 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 11/15/21 11/08/21 11/01/21 Y/Y % 2020 2019 2018
Retail Gasoline ($ per Gallon, Regular, Monday) 3.40 3.41 3.39 61.0 2.24 2.57 2.27
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 81.96 81.78 83.85 101.1 39.43 56.91 64.95
Natural Gas ($/mmbtu, LA, Previous Week's Average) 5.10 5.48 5.68 85.5 2.03 2.57 3.18
close
large image