Global| Feb 25 2020U.S. Energy Product Prices Edge Higher
by:Tom Moeller
|in:Economy in Brief
Summary
Retail gasoline prices increased to $2.47 per gallon (3.2% y/y) in the week ended February 24 from $2.43 per gallon in the previous week. Despite increases during the latest two weeks, prices remained below an early-May peak of $2.90 [...]
Retail gasoline prices increased to $2.47 per gallon (3.2% y/y) in the week ended February 24 from $2.43 per gallon in the previous week. Despite increases during the latest two weeks, prices remained below an early-May peak of $2.90 per gallon. Haver Analytics adjusts prices for seasonal variation. The seasonally adjusted gasoline price also notched one cent higher to $2.64 per gallon.
The price of West Texas Intermediate crude oil rose to $53.14 per barrel (-6.4% y/y), its highest level in four weeks. Yesterday, the price of WTI declined to $51.43 per barrel. The price of Brent crude oil rose to an average of $58.49 per barrel (-12.5% y/y) after rising to $55.38 per barrel in the previous week. The price fell to $56.47 yesterday. Prices peaked at $67.38 at the end of last year.
The average price of natural gas rose to $1.98/mmbtu (-27.1% y/y) last week from $1.90/mmbtu in the previous week. The price eased to $1.94/mmbtu yesterday and remained below the peak of $2.81/mmbtu reach early in November.
In the four weeks ending February 14, gasoline demand declined 2.0% y/y, while total petroleum product demand fell 1.8% y/y. Gasoline inventories increased 0.9% y/y and inventories of all petroleum products increased 0.8% y/y. Crude oil input to refineries fell 1.7% y/y in the past four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 02/24/20 | 02/17/20 | 02/10/20 | Y/Y % | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.47 | 2.43 | 2.42 | 3.2 | 2.57 | 2.27 | 2.47 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 53.14 | 50.83 | 50.34 | -6.4 | 56.91 | 64.95 | 50.87 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 1.98 | 1.90 | 1.89 | -27.1 | 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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