Global| Jun 14 2016U.S. Energy Prices Continue to Rise
by:Tom Moeller
|in:Economy in Brief
Summary
Regular gasoline prices increased to $2.40 per gallon last week (-15.4% y/y) following the prior week's rise to $2.38, according to the U.S. Department of Energy. Prices have risen by one-third since mid-February and were at the [...]
Regular gasoline prices increased to $2.40 per gallon last week (-15.4% y/y) following the prior week's rise to $2.38, according to the U.S. Department of Energy. Prices have risen by one-third since mid-February and were at the highest level since early September. Prices remained down, however, versus a 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices, and the adjusted price nudged higher to $2.21 per gallon. Spot market gasoline prices eased to $1.59 and remained up from a low of $0.89 in early February.
WTI crude oil costs rose to $50.19 per barrel last week (-16.4% y/y) after rising to $48.99 in the prior week. Yesterday, prices eased to $48.88 per barrel, up from the February's daily low of $26.21 per barrel. Brent crude oil prices increased w/w to $49.94 per barrel, then were $49.36 yesterday.
Prices for natural gas increased to $2.33 per mmbtu last week (-17.0% y/y), then strengthened further to $2.52 yesterday.
Last week, gasoline demand increased 2.6% y/y, while demand for all petroleum products gained 3.1% y/y. Gasoline inventories rose 10.2% y/y and inventories of all petroleum products increased a diminished 6.2% y/y. Crude oil production (input to refineries) was unchanged y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 06/13/16 | 06/06/16 | 05/30/16 | Y/Y % | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.40 | 2.38 | 2.34 | -15.4 | 2.03 | 2.30 | 3.33 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 50.19 | 48.99 | 48.91 | -16.4 | 48.90 | 93.64 | 97.96 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.33 | 2.24 | 1.83 | -17.0 | 2.62 | 4.37 | 3.73 |
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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