Global| Feb 22 2012U.S. Energy Prices Are Driven Higher
by:Tom Moeller
|in:Economy in Brief
Summary
Tensions in the Mideast are having a further effect driving energy prices upward. The price for a barrel of light sweet crude oil jumped last week to $101.80 and remained up sharply from $79.71, the average during the first week of [...]
Tensions in the Mideast are having a further effect driving energy prices upward. The price for a barrel of light sweet crude oil jumped last week to $101.80 and remained up sharply from $79.71, the average during the first week of October. Yesterday, the price increased further to $105.84. Prices peaked at $113.93 in late-April. Brent crude rose last week to $119.92 per barrel and was $121.87 yesterday. Prices peaked earlier at $126.21.
The pump price for regular gasoline rose last week to $3.59 per gallon which was up thirty cents versus early-January. Retail prices usually decline this time of year with reduced seasonal demand. To account for this pattern, Haver Analytics calculates seasonal factors. As a result, the adjusted gasoline price was $3.84 last week. Yesterday, the wholesale price for a gallon of unleaded was $3.07 versus last week's average of $3.02.
Gasoline demand recently fell 6.4% on average versus last year. Demand for residual fuel oil declined by one-quarter y/y and distillate demand was off 2.6% y/y. Inventories of crude oil and petroleum products fell 2.5% year-to-year compared to a 10.0% rise during mid-2009.
Natural gas prices increased last week to $2.53 per mmbtu, which was down roughly one-third y/y. Yesterday prices rose further to $2.62 but were lower versus the early-January, 2010 peak of $6.50.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY.
| Weekly Price | 02/20/12 | 02/13/12 | 02/06/12 | Y/Y% | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 3.59 | 3.52 | 3.48 | 12.6 | 3.52 | 2.78 | 2.35 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 101.80 | 98.51 | 97.81 | 19.3 | 95.14 | 79.51 | 61.39 |
| Natural Gas ($/mmbtu) | 2.53 | 2.51 | 2.47 | -34.9 | 3.99 | 4.40 | 3.95 |
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.
More Economy in Brief
