Global| Nov 08 2016U.S. Energy Prices Remain Under Pressure
by:Tom Moeller
|in:Economy in Brief
Summary
Prices in the energy sector remained under pressure last week. Natural gas prices declined to $2.43 per mmbtu last week, prices have fallen from $3.15 just three weeks ago, and equaled the lowest level since early June. They remained [...]
Prices in the energy sector remained under pressure last week. Natural gas prices declined to $2.43 per mmbtu last week, prices have fallen from $3.15 just three weeks ago, and equaled the lowest level since early June. They remained up, however, by nearly one-quarter y/y. Prices fell further to $2.33 yesterday.
WTI crude oil prices fell to $45.51 per barrel last week (-1.0% y/y). Yesterday, prices fell further to $44.89 per barrel, but remained up versus a daily low of $26.21 per barrel in February. Brent crude oil prices declined to $47.18 per barrel last week, then were $46.11 yesterday.
Regular gasoline prices held steady at $2.23 per gallon (-0.1% y/y) last week, but remained near their highest level since early July. Prices remained down, however, versus a 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The adjusted price improved to $2.31 per gallon, the highest level in twelve months.
Last week, gasoline demand declined 1.2% y/y, while demand for all petroleum products improved 2.6% y/y. Gasoline inventories rose 3.9% y/y and inventories of all petroleum products increased 3.6% y/y. Crude oil production (input to refineries) was little changed y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 11/07/16 | 10/31/16 | 10/24/16 | Y/Y % | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.23 | 2.23 | 2.24 | -0.1 | 2.03 | 2.30 | 3.33 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 45.51 | 49.45 | 50.58 | -1.0 | 48.90 | 93.64 | 97.96 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.43 | 2.69 | 3.10 | 20.4 | 2.62 | 4.37 | 3.73 |
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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