Global| Apr 18 2017U.S. Gasoline & Crude Oil Prices Continue to Strengthen
by:Tom Moeller
|in:Economy in Brief
Summary
Regular gasoline prices increased to $2.44 per gallon last week (14.0% y/y), up versus $1.76 per gallon during February 2016. Prices remained lower than the 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting [...]
Regular gasoline prices increased to $2.44 per gallon last week (14.0% y/y), up versus $1.76 per gallon during February 2016. Prices remained lower than the 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally adjusted price held steady at $2.39 per gallon, but remained down from the $2.71 early-January high.
WTI crude oil prices increased to $53.18 per barrel last week (28.9% y/y) following the prior week's gain to $51.27. Prices fell to $52.65 yesterday. Prices remained lower than the $54.02 high in the third week of February. Brent crude oil prices increased to $55.82 per barrel last week and were $55.34 per barrel yesterday.
Natural gas prices fell to $3.05/mmbtu last week (+61.7% y/y), then were $3.06 yesterday. Prices were up versus the $1.57 low early in March of last year.
Last week, gasoline demand fell 1.0% y/y, while total petroleum product demand remained steady 0.4% y/y. Gasoline inventories fell 1.5% y/y and inventories of all petroleum products eased 0.2% y/y. Crude oil input to refineries rose 1.1% y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 04/17/17 | 04/10/17 | 04/03/17 | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.44 | 2.42 | 2.36 | 14.0 | 2.31 | 2.03 | 2.30 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 53.18 | 51.27 | 49.17 | 28.9 | 43.22 | 48.90 | 93.64 |
| Natural Gas ($/mmbtu, LA, WSJ) | 3.05 | 3.15 | 3.02 | 61.7 | 2.49 | 2.62 | 4.37 |
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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