Recent Updates
- Singapore: International Trade Press (Apr)
- Japan: Monetary Survey (Apr)
- Korea: Foreign Exchange Transactions, Household Loans (Apr)
- Pakistan: Foreign Currency Deposits and Utilization (APR)
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- more updates...
Economy in Brief
Surging Imports Send the EMU Trade Scene Deeper into Deficit
The trade balance for the Euro Area fell sharply to 17.5 billion euros in March...
U.S. Import Prices Hold Steady While Export Prices Rise in April
Import prices held steady m/m (+12.0% y/y) in April...
EMU IP Drops Month-to-Month and Year-over-Year
Industrial output among EMU members fell by 1.8% month-to-month in March...
U.S. Producer Price Inflation Moderates in April
The Producer Price Index for Final Demand increased 0.5% during April...
U.S. Housing Affordability Plunges in March
Affordable homes are in short supply...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation & 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?
"Core" GDP Suggests Economy Gained Momentum in Q1:2022
by Tom Moeller April 5, 2022
• Gasoline prices retrace March gains.
• Crude oil prices fall moderately.
• Natural gas prices continue to strengthen.
Retail gasoline prices declined to $4.17 per gallon in the week ended April 4 (+46.0% y/y) from $4.23 per gallon in the week prior. Prices reached a record $4.32 per gallon in the second week of March. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price fell to $4.21 per gallon from $4.24 in the prior week.
The price of West Texas Intermediate crude oil fell to $103.83 per barrel (+71.2% y/y) in the week ended April 1 after increasing to $113.33 in the week prior. Yesterday, the price eased to $103.28 per barrel. The average price of Brent crude oil fell to $111.26 per barrel last week (+74.7% y/y) after rising to $123.60 in the prior week. The price was $108.15 per barrel yesterday.
The price of natural gas strengthened to $5.41/mmbtu (113.0% y/y) in the week of April 1 after rising to $5.15 in the previous week. It was the highest price since early-February. Prices remain below the high of $5.78/mmbtu in the third week of February 2022. Yesterday, the price rose to $5.72/mmbtu.
In the four weeks ended March 25, gasoline demand rose a greatly reduced 1.0% y/y, down from 15.2% y/y late in December. Growth in demand for all petroleum products fell to 8.1% y/y, the weakest growth in four years. Growth in crude oil input to refineries rose a lessened 14.0% y/y. Gasoline inventories rose 3.6% y/y but crude oil inventories declined 14.2% y/y.
The supply of gasoline inventories in the week ended March 25 rose slightly to 27.3 days. The supply of crude oil eased to 26.1 days and remained down from 41.8 days early in March of last year.
These data are reported by the Energy Information Administration of the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data are in USENERGY.
Weekly Energy Prices | 04/04/22 | 03/28/22 | 03/21/22 | Y/Y % | 2021 | 2020 | 2019 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon, Regular, Monday) | 4.17 | 4.23 | 4.24 | 46.0 | 3.28 | 2.24 | 2.57 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 103.83 | 113.33 | 100.47 | 71.2 | 67.74 | 39.43 | 56.91 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 5.41 | 5.15 | 4.68 | 113.0 | 3.89 | 2.03 | 2.57 |