Global| Jan 07 2020U.S. Energy Product Prices Edge Higher
by:Tom Moeller
|in:Economy in Brief
Summary
Retail gasoline prices inched up to $2.58 per gallon (15.2% y/y) last week from $2.57 per gallon in the previous week. Last week's price roughly equaled last year's average. Typically, gasoline prices weaken this time of year and [...]
Retail gasoline prices inched up to $2.58 per gallon (15.2% y/y) last week from $2.57 per gallon in the previous week. Last week's price roughly equaled last year's average. Typically, gasoline prices weaken this time of year and Haver Analytics adjusts prices for seasonal variation. The seasonally adjusted gasoline price rose one cent to $2.76 per gallon, the highest price since mid-May.
In the week ended January 3, the West Texas Intermediate crude oil price rose to $61.76 per barrel (32.2% y/y) from $61.28 per barrel in the previous week. This is the highest price since mid-May. Yesterday, the price was $63.27. Brent crude oil prices eased to an average of $66.68 per barrel (+20.6% y/y) from $67.38 in the previous week. They rose yesterday to $68.87.
The weekly average price of natural gas rose to $2.07/mmbtu (-29.1% y/y) in the week ended January 3 after falling to an average of $2.03/mmbtu in the previous week. Prices improved yesterday to $2.10.
In the four-weeks ending December 27, gasoline demand increased 0.8% y/y but total petroleum product demand declined 2.7% y/y. Gasoline inventories gained 1.0% y/y and inventories of all petroleum products increased 0.6% y/y. Crude oil input to refineries fell 3.6% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 01/06/20 | 12/30/19 | 12/23/19 | Y/Y % | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.58 | 2.57 | 2.53 | 15.2 | 2.57 | 2.27 | 2.47 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 61.76 | 61.28 | 60.73 | 32.2 | 56.91 | 64.95 | 50.87 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.07 | 2.03 | 2.28 | -29.1 | 2.57 | 3.18 | 2.99 |
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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