Global| Jul 28 2015U.S. Crude Oil Prices Decline Sharply While Gasoline Costs Dip
by:Tom Moeller
|in:Economy in Brief
Summary
WTI crude oil costs dropped sharply last week to an average $49.30 per barrel (-52.8% y/y), down from last month's high of $60.07. Yesterday, prices declined further to $47.39 per barrel. These prices compare to a June 2014 high of [...]
WTI crude oil costs dropped sharply last week to an average $49.30 per barrel (-52.8% y/y), down from last month's high of $60.07. Yesterday, prices declined further to $47.39 per barrel. These prices compare to a June 2014 high of $107.95. The seasonally adjusted price, generated by Haver Analytics, declined last week to $43.70 per barrel. Brent crude oil prices firmed w/w to $55.75 per barrel and were $54.07 yesterday.
Gasoline prices at the pump fell last week to an average $2.75 per gallon (-22.4% y/y). This summer's high in prices was $2.84 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The seasonally adjusted price fell 5 cents to $2.63 per gallon. Spot market gasoline prices eased w/w to $1.95 per gallon (-30.1% y/y).
Natural gas prices eased last week to $2.87 per mmbtu (-24.7% y/y) and were $2.83 yesterday.
Gasoline demand rose 6.9% y/y while demand for all petroleum products rose 3.4% y/y. Gasoline inventories eased 0.7% y/y and inventories of all petroleum products increased 8.4% y/y. Crude oil production (input to refineries) grew 1.7% y/y during the last five weeks, less than half the growth logged in June.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 07/27/15 | 07/20/15 | 07/13/15 | Y/Y% | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.75 | 2.80 | 2.83 | -22.4 | 2.30 | 3.33 | 3.30 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 49.30 | 51.69 | 52.38 | -52.8 | 93.64 | 97.96 | 94.20 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.87 | 2.90 | 2.72 | -24.7 | 4.37 | 3.73 | 2.7 |
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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