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Economy in Brief
UK Consumer Sentiment Hits Lowest Reading since 1996
(when the GFK survey began; also lowest reading 'ever')
Of these 13 readings eight of them declined on the month in May three of them improved and two of them were unchanged...
U.S. Existing Home Sales Continue to Fall in April as Houses Become Less Affordable
The combination of soaring home prices across the nation and rising interest rates is making homes less affordable...
U.S. Index of Leading Indicators Fell in April
Five of the index's components fell in April, one was unchanged and four increased...
U.S. Unemployment Claims Rose in the Latest Week
The state insured rates of unemployment in regular programs vary widely...
CBI Gauge in the UK Continues to Be Upbeat
The global economy has a lot of challenges...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Profits and Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and 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?
by Tom Moeller March 8, 2022
• Gasoline prices jump over $4.00 per gallon.
• Crude oil prices strengthen to the highest level since 2013.
• Natural gas prices slip.
Retail gasoline prices increased to a record $4.10 per gallon (48.0% y/y) in the week ended March 7 from $3.61 in the previous week. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price surged to $4.07 per gallon from $3.59 in the prior week.
Crude oil prices have strengthened with conflict in Ukraine. The price of West Texas Intermediate crude oil surged to $106.75 per barrel (71.4% y/y) in the week of March 4 from $92.18 in the prior week. Yesterday, the price strengthened to $119.40 per barrel. The average price of Brent crude oil increased to $114.43 per barrel (73.5% y/y) from $99.36 in the prior week. The price increased to $129.02 per barrel yesterday.
The price of natural gas eased to $4.57/mmbtu (+63.8% y/y) in the week of March 4 after rising to $4.62 in the previous week. Prices have risen from a low of $1.52/mmbtu in the third week of June 2020. Yesterday, the price jumped to $4.93/mmbtu.
In the four weeks ended February 25, gasoline demand rose 11.0% y/y, down from 17.1% y/y late in December. Growth in demand for all petroleum products increased 11.0% y/y. Growth in crude oil input to refineries rose a strengthened 18.1% y/y, after 13.1% y/y growth early in November. Gasoline inventories rose 1.0% y/y but crude oil inventories declined 11.5% y/y.
The supply of gasoline inventories in the week ending February 25 fell to 28.0 days. The supply of crude oil also was steady at 27.1 days but that remained down from 41.8 days early in March of last year.
These data are reported by the Energy Information Administration of the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data are in USENERGY
Weekly Energy Prices | 03/07/22 | 02/28/22 | 02/21/22 | Y/Y % | 2021 | 2020 | 2019 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon, Regular, Monday) | 4.10 | 3.61 | 3.53 | 48.0 | 3.28 | 2.24 | 2.57 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 106.75 | 92.18 | 92.85 | 71.4 | 67.74 | 39.43 | 56.91 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 4.57 | 4.62 | 4.39 | 63.8 | 3.89 | 2.03 | 2.57 |