Global| Jan 05 2021U.S. Energy Prices Are Mixed
by:Tom Moeller
|in:Economy in Brief
Summary
• Gasoline prices improve slightly. • Crude oil prices edge higher. • Natural gas prices decline again. The price of regular gasoline rose to $2.25 per gallon (-12.8% y/y) in the week ended January 4 from $2.24 per gallon in the [...]
• Gasoline prices improve slightly.
• Crude oil prices edge higher.
• Natural gas prices decline again.
The price of regular gasoline rose to $2.25 per gallon (-12.8% y/y) in the week ended January 4 from $2.24 per gallon in the previous week. It was the highest price since mid-March. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price rose to $2.42 per gallon last week, also its highest level since mid-March.
West Texas Intermediate crude oil prices improved to an average of $48.07 per barrel (-22.2% y/y) in the week ended January 1 and recovered the prior week's easing to $47.79 per barrel. The price was $47.62 yesterday. The average price of Brent crude oil improved to $51.34 per barrel (-23.0% y/y) last week from $51.19 per barrel in the previous week. The price was $50.97 yesterday.
The price of natural gas fell to $2.39/mmbtu (+15.5% y/y) in the week ended January 1 after easing to $2.67/mmbtu in the previous week. Prices remained up versus $1.52/mmbtu in the third week of June. The price rebounded to $2.60/mmbtu yesterday.
In the four weeks ended December 25, gasoline demand declined 13.2% y/y. Total petroleum product demand fell 6.4% y/y. Crude oil input to refineries weakened 15.6% y/y over the past year. Gasoline inventories fell 2.4% y/y but inventories of all petroleum products rose 4.4% y/y. The supply of gasoline in inventory in the week ended December 25 was 29.8 days, up from a recent low of 26.5 days during October.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 01/04/21 | 12/28/20 | 12/21/20 | Y/Y % | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular, Monday) | 2.25 | 2.24 | 2.22 | -12.8 | 2.57 | 2.27 | 2.47 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 48.07 | 47.79 | 47.96 | -22.2 | 56.91 | 64.95 | 50.87 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.39 | 2.67 | 2.70 | 15.5 | 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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