Global| Jan 23 2006Energy Prices Mixed
by:Tom Moeller
|in:Economy in Brief
Summary
Crude oil prices strengthened last week on market worry that supplies from Iran could be disrupted. Iran produces roughly 4 million barrels of crude oil per day, a bit more than 15% of the OPEC's total and about 6% of the world's [...]
Crude oil prices strengthened last week on market worry that supplies from Iran could be disrupted. Iran produces roughly 4 million barrels of crude oil per day, a bit more than 15% of the OPEC's total and about 6% of the world's total.
Concerns about supplies from Nigeria and Venezuela added further to the rise in the price of Brent Crude Oil to nearly $65 per barrel on Friday. The latest was the highest level since last year's record daily high of $66.99 reached in early September.
The spot market price for regular unleaded gasoline rose in sympathy to $1.75 per gallon, up 22% from the weekly average low of $1.43 in mid-November of last year.
Warm winter weather, conversely, eased the earlier pressure which had lifted the price of natural gas to a record high of $15/mmbtu in early December. At $8.45 prices were off 40% from that high but still were up roughly one third from last year.
Oil Prices, Monetary Policy and the Macroeconomy from the Federal Reserve Bank of Cleveland is available here.
Do Oil Futures Prices Help Predict Future Oil Prices? from the federal Reserve Bank of San Francisco can be found here.
| Daily Energy Prices | 1/20/06 | Y/Y Chg. | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|
| Brent Crude Oil ($/bbl.) | $64.91 | 42% | $54.75 | $38.33 | $28.76 |
| Natural Gas ($/mmbtu) | $8.45 | 31% | $8.68 | $5.90 | $5.48 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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