Global| Sep 24 2013U.S. Energy Prices Weaken Again
by:Tom Moeller
|in:Economy in Brief
Summary
The price of regular gasoline declined another 5 cents last week to $3.50 per gallon (-8.7% y/y). Prices remained down from the $3.78 per gallon peak reached late in February. Haver Analytics constructs seasonal factors to account for [...]
The price of regular gasoline declined another 5 cents last week to $3.50 per gallon (-8.7% y/y). Prices remained down from the $3.78 per gallon peak reached late in February. Haver Analytics constructs seasonal factors to account for seasonal volatility. The adjusted price of $3.42 per gallon remained below the February peak of $3.94.
Light sweet crude oil prices also fell last week to $106.21 per barrel (+12.6% y/y). Yesterday prices declined further to $103.59 per barrel. Crude oil costs remained up from the June 2012 low of $80.29. Brent crude oil prices declined sharply last week to $109.97 per barrel (-1.5% y/y) and they remained down from the February high of $118.09. Yesterday, prices fell further to $108.80.
Natural gas prices rose to $3.72 per mmbtu (34.9% y/y) and were $3.65 yesterday, down from the April peak of $4.26.
The demand for gasoline ticked 0.5% y/y higher last week. Residual fuel oil needs, used for heating, fell 16.7% y/y while distillate demand gained 10.8% y/y. Gasoline inventories increased 10.0% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY.
| Weekly Energy Prices | 09/23/13 | 09/16/13 | 09/09/13 | Y/Y% | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 3.50 | 3.55 | 3.59 | -8.7 | 3.62 | 3.52 | 2.78 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 106.21 | 108.36 | 108.77 | 12.6 | 94.20 | 95.14 | 79.51 |
| Natural Gas ($/mmbtu, LA) | 3.72 | 3.62 | 3.65 | 34.9 | 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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