Global| Apr 06 2021U.S. Energy Prices Improve Slightly
by:Tom Moeller
|in:Economy in Brief
Summary
• Gasoline prices reverse piece of earlier decline. • Crude oil prices rise modestly. • Natural gas prices edge higher. The price of regular gasoline rose to $2.86 per gallon (48.5% y/y) in the week ended April 5 after falling to [...]
• Gasoline prices reverse piece of earlier decline.
• Crude oil prices rise modestly.
• Natural gas prices edge higher.
The price of regular gasoline rose to $2.86 per gallon (48.5% y/y) in the week ended April 5 after falling to $2.85 per gallon in the previous week. The price has increased from a low of $2.11 per gallon in November of last year. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price fell to $2.81 per gallon last week from $2.84 per gallon in the previous week.
The price of West Texas Intermediate crude oil improved to an average of $60.66 per barrel (179.3% y/y) in the week ended April 2 after falling to an average of $59.98 per barrel in the previous week. The price declined to $58.65 per barrel yesterday. The average price of Brent crude oil rose $63.87 per barrel (125.2% y/y) last week from $63.02 per barrel in the previous week. The price was $62.30 per barrel yesterday.
The price of natural gas edged up to $2.55/mmbtu (57.4% y/y) in the week ended April 2 from $2.54/mmbtu in the previous week. Yesterday, the price declined to $2.43/mmbtu.
In the four weeks ended March 26, gasoline demand rose 33.5% y/y and demand for all petroleum products increased 13.8% y/y. Crude oil input to refineries edged 0.3% y/y higher. Gasoline inventories fell 6.6% y/y while crude oil inventories rose 3.2% y/y. The supply of gasoline in inventory in the week ended March 26 declined to 26.6 days, down sharply from 32.1 days during all of February.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data are in USENERGY.
| Weekly Energy Prices | 04/05/21 | 03/29/21 | 03/22/21 | Y/Y % | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular, Monday) | 2.86 | 2.85 | 2.87 | 48.5 | 2.24 | 2.57 | 2.27 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 60.66 | 59.98 | 63.22 | 179.3 | 39.43 | 56.91 | 64.95 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.55 | 2.54 | 2.53 | 57.4 | 2.03 | 2.57 | 3.18 |
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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