Global| Jan 07 2014U.S. Energy Prices Are Mixed
by:Tom Moeller
|in:Economy in Brief
Summary
The price for a gallon of regular gasoline prices remained at $3.33 (1.0% y/y) last week but remained down versus last year's peak of $3.78 per gallon. Much of the decline versus the peak reflects less driving this time of year. Haver [...]
The price for a gallon of regular gasoline prices remained at $3.33 (1.0% y/y) last week but remained down versus last year's peak of $3.78 per gallon. Much of the decline versus the peak reflects less driving this time of year. Haver Analytics constructs seasonal factors to account for this seasonal volatility. The adjusted price of $3.61 per gallon was up sharply since early-October.
The per barrel cost of WTI crude oil declined to $96.62 (+9.4% y/y) last week. That remained down sharply from last year's high of $108.67 reached in early September. Yesterday, prices fell further to $93.43. Brent crude oil prices declined last week to $108.57 per barrel, -3.3% y/y, and yesterday were $106.57 per barrel.
Natural gas prices slipped last week to $4.35 per mmbtu, but remained up roughly one-third year-to-year. Yesterday, prices continued their uptrend with a rise to $4.50.
The demand for all petroleum products increased 3.3% y/y last week. Gasoline demand gained 3.5% y/y last week. Residual fuel oil needs, used for heating, fell by one-third y/y but distillate demand increased 1.4% y/y. Inventories of crude oil and petroleum products fell 1.9% y/y and gasoline inventories were off 2.2% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the petroleum demand and inventory figures are in OILWKLY.
| Weekly Energy Prices | 01/06/14 | 12/30/13 | 12/23/13 | Y/Y% | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 3.33 | 3.33 | 3.27 | 1.0 | 3.51 | 3.62 | 3.52 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 96.62 | 99.17 | 97.97 | 4.4 | 97.95 | 94.20 | 95.14 |
| Natural Gas ($/mmbtu, LA) | 4.35 | 4.41 | 4.27 | 31.6 | 3.73 | 2.75 | 3.99 |
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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