Global| Jun 29 2010U.S. Gasoline and Crude Oil Prices Rise
by:Tom Moeller
|in:Economy in Brief
Summary
The pump price for regular gasoline of $2.76 per gallon last week was its highest in five weeks. Also, prices were up more than three-quarters since the December 2008 low. Yesterday, the spot market price for a gallon of regular [...]
The pump price for regular gasoline of $2.76 per gallon last week was
its highest in five weeks. Also, prices were up more than three-quarters since
the December 2008 low. Yesterday, the spot market price for a gallon of regular
gasoline held stable with last week at $2.05 but it still was the highest level
since early-May. The figures are reported by the U.S. Department of Energy and
can be found in Haver's WEEKLY & DAILY databases.
The average price for a barrel of light sweet crude (WTI) continued higher last week to $77.10. Nevertheless the price remained down from the high of $84.23 averaged during April. Yesterday crude prices rose further to $78.25 per barrel, up from the May 24th low of $66.88.
U.S. natural gas prices slipped last week to an average $4.93 per mmbtu (27.5% y/y), the highest level since early-March. Nevertheless, prices remained down from a high of $6.50 early in January.
Demand for gasoline improved a modest 0.8% last week versus one year ago. The demand for residual fuel oil again fell a sharp 19.0% versus last year while distillate demand continued to surge by 12.8% y/y. That's improved from a 12.3% decline during February. Inventories of crude oil and petroleum products have been rising since the Winter but slipped during the last twelve months.
The energy price data can be found in Haver's WEEKLY database while the daily figures are in DAILY. The gasoline demand figures are in OILWKLY.
| Weekly Prices | 06/28/10 | 06/21/10 | 06/14/10 | y/y | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 2.76 | 2.74 | 2.70 | 4.4% | 2.35 | 3.25 | 2.80 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 77.11 | 76.74 | 73.41 | 12.1% | 61.39 | 100.16 | 72.25 |
| Natural Gas ($/mmbtu) | 4.93 | 5.10 | 4.75 | 27.5% | 3.95 | 8.88 | 6.97 |
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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