Global| Nov 21 2017U.S. Energy Prices Backpedal
by:Tom Moeller
|in:Economy in Brief
Summary
Retail gasoline prices eased last week to $2.57 per gallon (+19.2% y/y) following an increase to $2.59. It remained near the highest level since early-October. Haver Analytics constructs factors adjusting for the seasonal variation in [...]
Retail gasoline prices eased last week to $2.57 per gallon (+19.2% y/y) following an increase to $2.59. It remained near the highest level since early-October. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. Since prices typically weaken this time of year, the seasonally adjusted gasoline pump price gained two cents to $2.73 per gallon, the highest level since December 2014.
WTI crude oil prices slipped to $55.89 per barrel last week (+23.7% y/y) from the recent high of $57.05 per barrel. Prices firmed to $56.09 per barrel yesterday. Brent crude oil prices declined to $61.60 per barrel last week and were $61.34 per barrel yesterday.
Natural gas prices fell last week to $3.08/mmbtu (+26.8% y/y y/y) and were fairly stable yesterday.
In the week ended November 10, gasoline demand rose 1.6% y/y, while total petroleum product improved 0.5% y/y. Gasoline inventories fell 5.1% y/y, while inventories of all petroleum products declined 5.3% y/y. Crude oil input to refineries improved 3.2% y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 11/20/17 | 11/13/17 | 11/06/17 | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.57 | 2.59 | 2.56 | 19.2 | 2.31 | 2.03 | 2.30 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 55.89 | 57.05 | 54.59 | 23.7 | 43.22 | 48.90 | 93.64 |
| Natural Gas ($/mmbtu, LA, WSJ) | 3.08 | 3.12 | 2.74 | 26.8 | 2.49 | 2.62 | 4.37 |
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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