Global| Feb 24 2015U.S. Energy Prices Continue to Strengthen
by:Tom Moeller
|in:Economy in Brief
Summary
It's costing more to drive automobiles and heat homes of late. Gasoline prices continued upward by 6 cents last week to $2.33 per gallon (-32.3% y/y) following the prior week's 7 cent increase. Prices have risen 29 cents (14.1%) since [...]
It's costing more to drive automobiles and heat homes of late. Gasoline prices continued upward by 6 cents last week to $2.33 per gallon (-32.3% y/y) following the prior week's 7 cent increase. Prices have risen 29 cents (14.1%) since the low 4 weeks ago. Despite the gains, prices remained well below the $3.70 per gallon peak reached this past June. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The seasonally adjusted price remained unchanged at $2.39 per gallon last week.
For the week ended February 20, WTI crude oil prices increased to an average $51.97 per barrel (-49.5% y/y), up from the low of $45.33 four weeks ago. Yesterday, prices reversed course and fell to $49.45 per barrel. These prices compare to a June peak of $107.95. The seasonally adjusted price generated by Haver Analytics slipped to $53.84 per barrel last week. Brent crude oil prices increased to $60.57 per barrel last week (-44.8% y/y) but slipped to $59.78 yesterday.
Natural gas prices improved to $2.96 (-50.5% y/y) per mmbtu during the week ended February 20. Prices strengthened to $3.19 yesterday.
The demand for all petroleum products improved 3.6% y/y and gasoline demand increased 3.5% y/y. Inventories of crude oil and petroleum products increased 8.0% y/y and gasoline inventories grew 4.2% y/y.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 02/23/15 | 02/16/15 | 02/09/15 | Y/Y% | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.33 | 2.27 | 2.19 | -32.3 | 3.36 | 3.51 | 3.62 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 51.97 | 51.14 | 50.58 | -49.5 | 93.63 | 97.95 | 94.20 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.96 | 2.74 | 2.64 | -50.5 | 4.37 | 3.73 | 2.7 |
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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