Global| May 14 2013U.S. Gasoline and Crude Oil Prices Continue To Rebound
by:Tom Moeller
|in:Economy in Brief
Summary
The upcoming summer driving season is lending strength to petroleum prices. The price of regular gasoline gained six cents last week to $3.60 per gallon yet it's still 4.0% lower than last year. Prices reached a peak of $3.78 per [...]
The upcoming summer driving season is lending strength to petroleum prices. The price of regular gasoline gained six cents last week to $3.60 per gallon yet it's still 4.0% lower than last year. Prices reached a peak of $3.78 per gallon in late February. Haver Analytics constructs seasonal factors to account for seasonal volatility and the adjusted price also rose w/w to $3.35 per gallon.
Continuing upward last week was the price for light sweet crude oil. It rose to $96.17 per barrel (-0.8% y/y), up from the recent low of $87.97. Yesterday prices slipped to $95.17. Brent crude oil prices increased as well last week to $103.78 per barrel (-7.2% y/y) but slipped to $102.03 yesterday.
The earlier strength in natural gas prices eased further last week. Prices fell to $3.89 per mmbtu (+67.3% y/y) but they stabilized yesterday at $3.88.
The demand for gasoline fell 2.4% y/y last week. Residual fuel oil needs, used for heating, fell roughly one third y/y while distillate demand was off 2.1% y/y. Gasoline inventories rose 3.8% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY.
| Weekly Energy Prices | 05/13/13 | 05/06/13 | 04/29/13 | Y/Y% | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 3.60 | 3.54 | 3.52 | -4.0 | 3.62 | 3.52 | 2.78 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 96.17 | 93.72 | 91.20 | -0.8 | 94.20 | 95.14 | 79.51 |
| Natural Gas ($/mmbtu) | 3.89 | 4.21 | 4.24 | 67.3 | 2.75 | 3.99 | 4.00 |
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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