Global| Sep 24 2019U.S. Crude Oil Market Calms Down, but Gasoline Prices Rise
by:Tom Moeller
|in:Economy in Brief
Summary
The surge in crude oil prices after last week's attack on Saudi Arabian oil fields has given way more or less to stability. The price of West Texas Intermediate crude oil fell to levels close to $58.00 per barrel this week after [...]
The surge in crude oil prices after last week's attack on Saudi Arabian oil fields has given way more or less to stability. The price of West Texas Intermediate crude oil fell to levels close to $58.00 per barrel this week after ending at $63.10 per barrel last Monday. Nevertheless, the price remains elevated from the $51.09 daily low early in August. Yesterday, the price was $58.64 per barrel. The price of Brent crude oil settled this week into a range of roughly $64.00-$65.00 per barrel following its jump to $68.79 last Monday. Early in August, the price had fallen to a low of $56.51. Yesterday, the price was $64.56.
In the week ended September 23, the U.S. pump price for gasoline jumped to $2.65 per gallon (-6.7% y/y). It was the highest level since early-August and up 10 cents from the prior week's six month low of $2.55. Prices remained up from the February low of $2.25 per gallon. Haver Analytics adjusts these price figures for seasonal variation. The seasonally adjusted price increased to $2.55 per gallon from $2.43 in the previous week.
The price of natural gas settled at $2.63 per mmbtu (-13.2% y/y) in the week ended September 23 after rising from $2.46/mmbtu two weeks earlier. This remained the highest price since late-May.
For the four weeks ending September 13, U.S. gasoline demand eased 1.8% y/y. Total petroleum product demand was fairly steady y/y. U.S. gasoline inventories fell 1.9% y/y while inventories of all petroleum products increased 2.3% y/y. Crude oil input to U.S. refineries fell 1.4% y/y.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. More detail on prices, demand, production and inventories, including regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 9/23/2010 | 9/16/2010 | 9/9/2019 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.65 | 2.55 | 2.55 | -6.7 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 59.34 | 56.17 | 55.73 | -15.6 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.63 | 2.64 | 2.46 | -13.2 | 3.18 | 2.99 | 2.51 |
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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