Global| Mar 28 2017U.S. Energy Product Prices Remain Under Pressure
by:Tom Moeller
|in:Economy in Brief
Summary
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week. Prices remained lower than the 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal [...]
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week. Prices remained lower than the 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally adjusted price fell to $2.30 per gallon, the lowest level since mid-October, and remained down from the $2.71 January high.
WTI crude oil prices declined to $47.70 per barrel last week (+18.8% y/y) and were $47.73 yesterday. Prices remained lower than the $54.02 high in the third week of February. Brent crude oil prices fell to $50.97 per barrel last week and were $50.75 per barrel yesterday.
Natural gas prices remained unchanged at $2.96/mmbtu last week (68.5% y/y), then were $2.95 yesterday. Prices were up, however, versus the $2.53 low early this month.
Last week, gasoline demand declined 2.9% y/y, while total petroleum product demand improved 0.5% y/y. Gasoline inventories fell 0.7% y/y and inventories of all petroleum products increased 0.8% y/y. Crude oil input to refineries fell 1.8% y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 03/27/17 | 03/20/17 | 03/13/17 | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.32 | 2.32 | 2.32 | 12.1 | 2.31 | 2.03 | 2.30 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 47.70 | 48.23 | 50.70 | 18.8 | 43.22 | 48.90 | 93.64 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.96 | 2.95 | 2.75 | 68.5 | 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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