Global| Jun 18 2019U.S. Energy Product Prices Remain Under Pressure
by:Tom Moeller
|in:Economy in Brief
Summary
U.S. retail gasoline prices continued their recent decline during the week ended June 17, falling six cents to $2.67 per gallon (-7.3% y/y), the sixth straight weekly decline. Haver Analytics calculates factors that adjust for the [...]
U.S. retail gasoline prices continued their recent decline during the week ended June 17, falling six cents to $2.67 per gallon (-7.3% y/y), the sixth straight weekly decline. Haver Analytics calculates factors that adjust for the seasonal variation in gasoline pump prices. The seasonally adjusted price fell four cents to $2.53 per gallon, the lowest level in four months.
West Texas Intermediate crude oil prices fell to $52.51 per gallon (-20.7% y/y) in the week ended June 14 from $52.97 in the previous week. Yesterday prices were $51.93 per gallon. Brent crude oil prices fell to an average of $61.50 per barrel last week (-18.7% y/y) from $61.75 in the previous week. Yesterday, the price dropped to $60.85 per barrel.
U.S. natural gas prices declined last week to $2.41/mmbtu (-18.4% y/y) from $2.45/mmbtu in the previous week. They remained well below the November high of $4.67/mmbtu. The price rose yesterday to $2.46.
In the four-weeks ending June 7, U.S. gasoline demand was down 0.2% y/y, while total petroleum product demand eased 0.1% y/y. U.S. gasoline inventories fell 0.8% y/y, but inventories of all petroleum products surged 5.0% y/y. Crude oil input to U.S. refineries eased 1.9% y/y.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver’s WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, including regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 6/17/2019 | 6/10/2019 | 6/3/2019 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.67 | 2.73 | 2.81 | -7.3 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 52.51 | 52.97 | 56.95 | -20.7 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.41 | 2.45 | 2.66 | -18.4 | 3.15 | 2.96 | 2.49 |
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.
More Economy in Brief
