Global| Mar 19 2019U.S. Gasoline & Crude Oil Prices Continue to Rise
by:Tom Moeller
|in:Economy in Brief
Summary
Petroleum product prices rose further last week. Retail gasoline prices increased to $2.55 per gallon (-1.9% y/y), up for the sixth straight week from the low of $2.25. Haver Analytics constructs factors adjusting for the seasonal [...]
Petroleum product prices rose further last week. Retail gasoline prices increased to $2.55 per gallon (-1.9% y/y), up for the sixth straight week from the low of $2.25. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price has risen to $2.64 per gallon from $2.39 early in January.
West Texas Intermediate crude oil prices improved to an average of $57.81 (-5.7% y/y) per barrel last week from $56.36 per barrel in the prior week. It was the highest price level since the second week of November and up from late-December's low of $44.55 per barrel. Yesterday, prices rose further to $59.09. Brent crude oil prices strengthened to an average of $67.05 per barrel last week from a late-December low of $52.36. They were $67.46 yesterday.
Natural gas prices declined to an average of $2.88/mmbtu last week (+6.3% y/y) and reversed the prior week's increase to $3.28/mmbtu.
In the four-weeks ending March 8, gasoline demand declined 2.2% y/y, while total petroleum product demand increased 2.2% y/y. Gasoline inventories improved 0.5% y/y, while inventories of all petroleum products gained 1.1% y/y. Crude oil input to refineries declined 0.6% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY
| Weekly Energy Prices | 3/18/19 | 3/11/19 | 3/4/19 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.55 | 2.47 | 2.42 | -1.9 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 57.81 | 56.36 | 56.13 | -5.7 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.88 | 3.28 | 2.91 | 6.3 | 3.18 | 2.99 | 2.51 |
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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