Global| Nov 17 2020U.S. Energy Prices Are Mixed
by:Tom Moeller
|in:Economy in Brief
Summary
• Crude oil prices increase. • Natural gas prices edge lower. • Gasoline prices are little changed. The price for a barrel of West Texas Intermediate crude oil increased to an average of $40.79 per barrel (-28.4% y/y) in the week [...]
• Crude oil prices increase.
• Natural gas prices edge lower.
• Gasoline prices are little changed.
The price for a barrel of West Texas Intermediate crude oil increased to an average of $40.79 per barrel (-28.4% y/y) in the week ended November 13 and rose to $41.34 yesterday. Brent crude oil prices rose to an average $43.20 per barrel (-30.8% y/y) and improved to $43.86 yesterday.
Natural gas prices fell to $2.75/mmbtu (+0.9% y/y) in the week ended November 13 from $2.78 in the prior week. Prices had been trending higher since June as signs of economic recovery developed along with seasonal influences. Prices eased to $2.62 yesterday.
Regular gasoline prices edged up to $2.11 per gallon (-18.6% y/y) in the week ended November 16 and reversed the prior week's easing to $2.10. Haver Analytics adjusts the gasoline price series for usual seasonal variation. The seasonally adjusted price rose five cents to $2.15 per gallon last week.
In the four weeks ended November 6, gasoline demand declined 10.3% y/y. Total petroleum product demand fell 10.7% y/y. Crude oil input to refineries was down 15.9% y/y in the past four weeks. Gasoline inventories increased 2.9% y/y and inventories of all petroleum products moved 5.0% higher y/y. The days supply of gasoline in inventory has been steady around 27 since August. That's down from 43 at the recession peak in April, but slightly above the long-term average.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 11/16/20 | 11/09/20 | 11/02/20 | Y/Y % | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular, Monday) | 2.11 | 2.10 | 2.11 | -18.6 | 2.57 | 2.27 | 2.47 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 40.79 | 37.79 | 37.39 | -28.4 | 56.91 | 64.95 | 50.87 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.75 | 2.78 | 3.09 | 0.9 | 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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