Global| Jul 23 2019U.S. Energy Product Prices Slip
by:Tom Moeller
|in:Economy in Brief
Summary
The pump price for a gallon of regular gasoline in the U.S. backpedaled to $2.75 (-2.9% y/y) last week, reversing most of the prior week's rise to $2.78 per gallon. The price was near the middle of the range beginning in late-March. [...]
The pump price for a gallon of regular gasoline in the U.S. backpedaled to $2.75 (-2.9% y/y) last week, reversing most of the prior week's rise to $2.78 per gallon. The price was near the middle of the range beginning in late-March. Haver Analytics develops a series which is adjusted for the seasonal variation in gasoline pump prices. The seasonally adjusted price eased to $2.67 per gallon from $2.68.
West Texas Intermediate crude oil prices eased to $56.93 per barrel (-17.4% y/y) in the week ended July 19 from $59.11 in the previous week. It was the lowest price in four weeks. Yesterday, prices eased to $56.22 per barrel. Brent crude oil prices declined to an average of $63.86 per barrel (-12.0% y/y) last week from $65.71 per barrel in the previous week. The price remained below the high of $73.82 late in April. Yesterday, the price slipped to $63.14 per barrel.
The price of natural gas eased to $2.41 per mmbtu (-13.3% y/y) in the week ended July 19 from $2.47/mmbtu averaged in the previous week. It remained below last November's high of $4.67/mmbtu.
For the four-weeks ending July 5, U.S. gasoline demand increased 1.2% y/y, while total petroleum product demand gained 2.5% y/y. U.S. gasoline inventories declined 4.1% y/y, but inventories of all petroleum products were up 4.8% y/y. Crude oil input to U.S. refineries was 1.5% below one year earlier.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, including regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 7/22/2019 | 7/15/2019 | 7/8/2019 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.75 | 2.78 | 2.74 | -2.9 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 56.93 | 59.11 | 57.44 | -17.4 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.41 | 2.47 | 2.31 | -13.3 | 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.
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