Global| Jun 27 2017U.S. Energy Prices Continue to Decline
by:Tom Moeller
|in:Economy in Brief
Summary
Regular gasoline prices fell to $2.29 per gallon last week (-1.8% y/y), the lowest level since early-February. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally adjusted [...]
Regular gasoline prices fell to $2.29 per gallon last week (-1.8% y/y), the lowest level since early-February. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally adjusted gasoline price eased to $2.12 per gallon, the lowest level since last September.
WTI crude oil prices declined to $43.17 per barrel last week (-11.6% y/y), the lowest level since mid-August. They remained down from $53.18 in early-April. Prices stabilized at $43.38 yesterday. Brent crude oil prices declined to $45.74 per barrel last week and were $45.85 per barrel yesterday.
Natural gas prices declined to $2.86/mmbtu last week (+15.7% y/y), the lowest level since early-March, then increased to $2.98 yesterday.
Last week, gasoline demand fell 1.6% y/y, while total petroleum product demand eased 0.4% y/y. Gasoline inventories rose 1.8% y/y and inventories of all petroleum products held steady y/y. Crude oil input to refineries increased 5.7% y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
Low Productivity Growth: The Capital Formation Link from the Federal Reserve Bank of New York is available here.
| Weekly Energy Prices | 06/26/17 | 06/19/17 | 06/12/17 | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.29 | 2.32 | 2.37 | -1.8 | 2.31 | 2.03 | 2.30 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 43.17 | 45.29 | 46.54 | -11.6 | 43.22 | 48.90 | 93.64 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.86 | 2.97 | 2.96 | 5.1 | 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.
More Economy in Brief
