Global| Nov 21 2006Gasoline Prices Up A Bit
by:Tom Moeller
|in:Economy in Brief
Summary
Regular unleaded gasoline prices at the pump rose a penny last week to an average $2.24 per gallon. It was the third increase in the last four weeks since the low of $2.21. Average gas prices this month nevertheless remained down [...]
Crude oil prices, however, have moved lower. WTI crude yesterday traded for $56.46 (-1.3% y/y) per barrel versus an average $58.88 during October and $63.86 in September.
The heating season also has given some lift to natural gas prices. At $7.35 per mmbtu (-28.5% y/y) yesterday, the Henry Hub price was up from an average of $5.77 in October and $4.90 during September.
The Department of Energy reported that gasoline demand during the latest four weeks rose 2.6% from the year earlier period. That increase, however, continued to understate the demand for gasoline according to estimated figures from the Oil & Gas Journal which showed a 7.1% rise. These figures are available in the Haver OILWKLY database.
The latest Short-Term Energy Outlook from the U.S. Energy Information Administration is available here.
Financial Markets and the Federal Reserve are remarks by Fed Governor Kevin M. Warsh at the New York Stock Exchange and they are available here.
| Weekly Energy Prices | 11/20/06 | 11/13/06 | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| US Retail Gasoline Price, Regular | $2.24 | $2.23 | 1.7% | $2.27 | $1.85 | $1.56 |
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.
