Global| Mar 25 2014U.S. Gasoline and Crude Oil Prices Hold Steady
by:Tom Moeller
|in:Economy in Brief
Summary
Energy prices did a lot of nothing last week. The price for a gallon of regular gasoline held steady w/w at $3.55 (-3.6% y/y), but still was up 35 cents from the January low. Prices remained below the $3.78 per gallon peak reached in [...]
Energy prices did a lot of nothing last week. The price for a gallon of regular gasoline held steady w/w at $3.55 (-3.6% y/y), but still was up 35 cents from the January low. Prices remained below the $3.78 per gallon peak reached in February of last year. Haver Analytics constructs seasonal factors to account for seasonal volatility. The adjusted price fell three cents last week to $3.45 per gallon.
The per barrel cost of WTI crude oil also was unchanged last week at $99.55 (7.0% y/y) and remained below the $108.67 high in early September. Yesterday, prices were $99.60 per barrel. Brent crude oil prices declined last week to $106.36 per barrel (+0.2% y/y) and yesterday held at $106.34 per barrel.
Natural gas prices declined further last week to $4.47 per mmbtu (+12.2% y/y). Yesterday, prices fell to $4.28 per mmbtu.
The demand for all petroleum products improved 1.4% y/y last week. Gasoline demand increased 1.5% y/y. Residual fuel oil needs, used for heating, declined 19.6% y/y while distillate demand increased 5.1% y/y. Inventories of crude oil and petroleum products fell 2.6% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the petroleum demand and inventory figures are in OILWKLY.
| Weekly Energy Prices | 03/24/14 | 03/17/14 | 03/10/14 | Y/Y% | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 3.55 | 3.55 | 3.51 | -3.6 | 3.51 | 3.62 | 3.52 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 99.55 | 99.55 | 103.07 | 7.0 | 97.95 | 94.20 | 95.14 |
| Natural Gas ($/mmbtu, LA) | 4.47 | 4.55 | 6.13 | 12.2 | 3.73 | 2.75 | 3.99 |
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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