Global| Aug 28 2018U.S. Energy Prices Are Little Changed
by:Tom Moeller
|in:Economy in Brief
Summary
The pump price for a gallon of gasoline has been fairly steady near $2.83 per gallon since the end of June. Nevertheless, prices remained up 17.8% y/y. Haver Analytics constructs factors to adjust for the marked seasonal variation in [...]
The pump price for a gallon of gasoline has been fairly steady near $2.83 per gallon since the end of June. Nevertheless, prices remained up 17.8% y/y. Haver Analytics constructs factors to adjust for the marked seasonal variation in prices. The seasonally-adjusted gasoline price also has been roughly steady at $2.76 per gallon, but remained up versus $2.60 late last year.
West Texas Intermediate crude oil prices improved to $67.63 per barrel last week (41.8% y/y) from $66.13 in the previous week. WTI prices remained lower than the $73.71 peak early in July. Yesterday, the price rose to $68.87. Brent crude oil prices strengthened to $73.77 per barrel last week (41.6% y/y) from $71.85 during the prior week. The price was $76.16 yesterday.
Natural gas prices were steady last week at $2.98/mmbtu (0.7% y/y), the highest level since early-February. They were $2.95 yesterday.
In the four-weeks ending August 17, gasoline demand fell 1.6% y/y; total petroleum product demand declined 1.1% y/y. Gasoline inventories increased 1.9% y/y, but inventories of all petroleum products fell 5.0% y/y. Crude oil input to refineries rose 1.3% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 08/27/18 | 08/20/18 | 08/13/18 | Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.83 | 2.82 | 2.84 | 17.8 | 2.47 | 2.31 | 2.03 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 67.63 | 66.13 | 67.91 | 41.8 | 50.87 | 43.22 | 48.90 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.98 | 2.97 | 2.93 | 0.7 | 2.96 | 2.49 | 2.62 |
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
