Global| Jul 22 2014U.S. Energy Prices Move Lower
by:Tom Moeller
|in:Economy in Brief
Summary
The price for a gallon of regular gasoline declined five cents to $3.59 last week (-2.4% y/y). Prices remained lower than the $3.78 per gallon peak reached in February of last year. To account for seasonal volatility, Haver Analytics [...]
The price for a gallon of regular gasoline declined five cents to $3.59 last week (-2.4% y/y). Prices remained lower than the $3.78 per gallon peak reached in February of last year. To account for seasonal volatility, Haver Analytics constructs factors for adjustment of pump prices. The adjusted cost of gasoline fell five cents to $3.51 per gallon, down for the third straight week.
WTI crude oil prices declined last week to $101.96 per barrel (-4.7% y/y), the lowest level since early May. The seasonally adjusted price of $101.11 per barrel, generated by Haver Analytics, also was the lowest level in nine weeks but remained up sharply from $92.19 in early-May. Yesterday, prices improved to $104.59. Brent crude oil prices declined last week to $105.18 per barrel (-3.9% y/y) but yesterday were $106.16.
Natural gas prices declined sharply last week to $4.05 per mmbtu (+9.2% y/y), the lowest level since December. Prices fell further yesterday to $3.84.
The demand for all petroleum products declined 1.7% last week versus last year. Gasoline demand slipped 0.7% y/y. Residual fuel oil needs, used for heating, fell 22.1% y/y while distillate demand fell 5.5% y/y. Inventories of crude oil and petroleum products were roughly unchanged y/y and gasoline inventories fell 4.3% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the petroleum demand and inventory figures are in OILWKLY.
| Weekly Energy Prices | 07/21/14 | 07/14/14 | 07/07/14 | Y/Y% | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 3.59 | 3.64 | 3.68 | -2.4 | 3.51 | 3.62 | 3.52 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 101.96 | 103.25 | 105.52 | 4.7 | 97.95 | 94.20 | 95.14 |
| Natural Gas ($/mmbtu, LA, WSJ) | 4.05 | 4.15 | 4.38 | 9.2 | 3.73 | 2.75 | 3.99 |
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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