Global| Apr 07 2020U.S. Crude Oil Prices Increase While Gasoline & Natural Gas Costs Decline
by:Tom Moeller
|in:Economy in Brief
Summary
The price of West Texas Intermediate crude oil at $26.08 per barrel yesterday improved versus an average $21.72 last week. The price was roughly two-thirds lower y/y. The price of Brent crude oil rose to $33.08 per barrel yesterday [...]
The price of West Texas Intermediate crude oil at $26.08 per barrel yesterday improved versus an average $21.72 last week. The price was roughly two-thirds lower y/y. The price of Brent crude oil rose to $33.08 per barrel yesterday from an average of $28.36 last week. The price has fallen from a $67.38 high averaged in the last week of December.
Retail gasoline prices declined to $1.92 per gallon (-29.9% y/y) in the week ended April 6 from $2.00 per gallon in the previous week. Prices remained below their May 2019 peak of $2.90 per gallon. Haver Analytics adjusts the gasoline price series for regular seasonal variation. The seasonally adjusted price fell to $1.89 per gallon from $1.99.
The average price of natural gas fell to $1.62/mmbtu (-40.0% y/y) last week from $1.73 and was $1.64/mmbtu yesterday. It remained below the peak of $2.81/mmbtu early in November.
In the four weeks ending March 27, gasoline demand declined 5.9% y/y, while total petroleum product demand weakened 2.2% y/y. Gasoline inventories rose 4.2% y/y and inventories of all petroleum products increased 2.3% y/y. Crude oil input to refineries declined 1.5% y/y in the past four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 04/06/20 | 03/30/20 | 03/23/20 | Y/Y % | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 1.92 | 2.00 | 2.12 | -29.9 | 2.57 | 2.27 | 2.47 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 21.72 | 20.62 | 24.20 | -65.2 | 56.91 | 64.95 | 50.87 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 1.62 | 1.73 | 1.79 | -40.0 | 2.57 | 3.18 | 2.99 |
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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