Global| May 22 2018U.S. Energy Prices Continue to Rise
by:Tom Moeller
|in:Economy in Brief
Summary
U.S. Energy Prices Continue to Rise by Tom Moeller May yesterday (21.8% y/y) from $2.87 per gallon during the prior week. It was the highest price level since November 2014. Haver Analytics constructs factors adjusting for the [...]
by Tom Moeller May yesterday (21.8% y/y) from $2.87 per gallon during the prior week. It was the highest price level since November 2014. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price inched higher to $2.78 per gallon, 22, 2018
Strong demand continues to help power prices higher for energy products. Retail gasoline prices rose to $2.92 per gallon the highest level since mid-February.
West Texas Intermediate crude oil prices rose to an average of $71.32 (41.8% y/y) per barrel last week from $70.60 per barrel in the week prior. Prices increased further yesterday to $72.24 per barrel. Brent crude oil prices increased to an average of $78.75 per barrel last week and were $78.34 yesterday.
Natural gas prices improved to an average of $2.78/mmbtu last week (-9.5% y/y) and held near that level yesterday. Prices were improved from a $2.68 low three months ago.
In the four-weeks ending May 11, gasoline demand edged increased 0.7% y/y, while total petroleum product demand rose 1.5% y/y. Gasoline inventories declined 3.8% y/y, while inventories of all petroleum products dropped 6.9% y/y. Crude oil input to refineries decreased 3.0% y/y in the last four weeks.
This data is reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 05/21/18 | 05/14/18 | 05/07/18 | Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.92 | 2.87 | 2.85 | 21.8 | 2.47 | 2.31 | 2.03 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 71.32 | 70.60 | 68.38 | 41.8 | 50.87 | 43.22 | 48.90 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.78 | 2.73 | 2.71 | -9.5 | 2.96 | 2.49 | 2.62 |
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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