Global| Dec 08 2015U.S. Crude Oil Prices Touch Seven-Year Low; Gasoline Prices Ease
by:Tom Moeller
|in:Economy in Brief
Summary
WTI crude oil costs declined to $40.40 (-39.9% y/y) last week, and yesterday dropped to a seven-year low of $37.65 per barrel. Brent crude oil prices fell w/w to $42.41 per barrel last week and were $40.65 yesterday. WTI prices [...]
WTI crude oil costs declined to $40.40 (-39.9% y/y) last week, and yesterday dropped to a seven-year low of $37.65 per barrel. Brent crude oil prices fell w/w to $42.41 per barrel last week and were $40.65 yesterday. WTI prices reached $107.23 in June 2014.
Gasoline prices at the pump declined last week to $2.05 per gallon, down one penny from the prior week. Prices were down 23.4% y/y and roughly equaled the January low of $2.04. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The seasonally adjusted price declined to $2.20 per gallon. Moving sharply lower was the spot market gasoline price. It fell to $1.34 per gallon (-29.8% y/y).
Natural gas prices improved last week to $2.12 per mmbtu (-41.8% y/y) and were $2.03 yesterday.
Price declines occurred as the supply of petroleum products continued to outpace demand. Gasoline inventories increased 4.0% y/y and inventories of all petroleum products rose 10.4% y/y. Crude oil production (input to refineries) increased 1.5% y/y during the last four weeks. Gasoline demand eased 0.6% y/y last week and demand for all petroleum products declined 1.6% y/y.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 12/07/15 | 11/30/15 | 11/23/15 | Y/Y% | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.05 | 2.06 | 2.09 | -23.4 | 2.30 | 3.33 | 3.30 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 40.40 | 40.49 | 40.62 | -39.9 | 93.64 | 97.96 | 94.20 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.12 | 2.10 | 2.12 | -41.9 | 4.37 | 3.73 | 2.75 |
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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