Global| Aug 29 2017U.S. Energy Prices Strengthen
by:Tom Moeller
|in:Economy in Brief
Summary
Hurricane Harvey lifted gasoline futures to $1.71 per gallon yesterday, up 13 cents from $1.58 per gallon one week earlier. For the week ended August 28, regular gasoline prices at the pump rebounded four cents to $2.40 per gallon [...]
Hurricane Harvey lifted gasoline futures to $1.71 per gallon yesterday, up 13 cents from $1.58 per gallon one week earlier. For the week ended August 28, regular gasoline prices at the pump rebounded four cents to $2.40 per gallon (7.2% y/y), but remained below the recent high of $2.45 per gallon in late-April. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally adjusted gasoline price rose to $2.27 per gallon from $2.20 per gallon.
WTI crude oil prices improved to $47.75 per barrel last week (1.1% y/y) but remained down from $53.18 in early-April. Prices eased to $46.57 yesterday. Brent crude oil prices gained to $52.11 per barrel last week, then were $51.93 per barrel yesterday.
Natural gas prices increased to $2.96/mmbtu last week (6.1% y/y) and were $2.92 yesterday.
In the week ended August 18, gasoline demand slipped 0.4% y/y, while total petroleum product demand improved 1.4% y/y. Gasoline inventories fell 1.2% y/y, while inventories of all petroleum products declined 3.9% y/y. Crude oil input to refineries increased 4.5% y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 08/28/17 | 08/21/17 | 08/14/17 | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.40 | 2.36 | 2.38 | 7.2 | 2.31 | 2.03 | 2.30 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 47.75 | 47.52 | 49.10 | 1.1 | 43.22 | 48.90 | 93.64 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.96 | 2.91 | 2.83 | 6.1 | 2.49 | 2.62 | 4.37 |
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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