Global| Mar 19 2013U.S. Energy Prices Remain Firm
by:Tom Moeller
|in:Economy in Brief
Summary
The pump price for a gallon of regular gasoline fell by just 1 penny last week to $3.70 per gallon (-4.4% y/y), the third consecutive week of marginal decline. Despite the decline, prices remain up by 44 cents (13.6%) since the mid- [...]
The pump price for a gallon of regular gasoline fell by just 1 penny last week to $3.70 per gallon (-4.4% y/y), the third consecutive week of marginal decline. Despite the decline, prices remain up by 44 cents (13.6%) since the mid-December low. The norm for this time of year, when driving is reduced, is for prices to decline. Haver Analytics constructs seasonal factors to account for seasonal volatility and the adjusted price fell 4 cents w/w to $3.62 per gallon.
Working the other way, the price for light sweet crude oil increased $1.62 to $92.64 per barrel (-12.7% y/y). Yesterday prices rose further to $93.74. To the downside, Brent crude oil prices fell last week to $108.26 per barrel (-14.2% y/y) last week and were $108.87 yesterday.
Also on the uptrend recently have been natural gas prices. Last week's increase to $3.76 per mmbtu brought them up by roughly three-quarters since last year. Yesterday, prices showed more strength with a rise to $3.98.
The demand for gasoline rose 1.0% y/y last week. Residual fuel oil needs, used for heating, rose 16.7% y/y while distillate demand gained 1.0% y/y. Inventories of crude oil & petroleum products rose 1.6% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY.
| Weekly Price | 03/18/13 | 03/11/13 | 03/04/13 | Y/Y% | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 3.70 | 3.71 | 3.76 | -4.4 | 3.62 | 3.52 | 2.78 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 92.64 | 91.02 | 92.25 | -12.7 | 94.20 | 95.14 | 79.51 |
| Natural Gas ($/mmbtu) | 3.76 | 3.58 | 3.50 | 77.9 | 2.75 | 3.99 | 4.00 |
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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