Global| Mar 30 2021U.S. Gasoline & Crude Oil Prices Fall
by:Tom Moeller
|in:Economy in Brief
Summary
• Gasoline prices reverse earlier rise. • Crude oil prices drop sharply for second straight week. • Natural gas prices rise slightly. The price of regular gasoline eased to $2.85 per gallon (+42.2% y/y) in the week ended March 29 [...]
• Gasoline prices reverse earlier rise.
• Crude oil prices drop sharply for second straight week.
• Natural gas prices rise slightly.
The price of regular gasoline eased to $2.85 per gallon (+42.2% y/y) in the week ended March 29 after rising to $2.87 per gallon in the previous week. The price has increased from a low of $2.11 per gallon in November of last year. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price slipped to $2.84 per gallon last week from $2.90 per gallon in the previous week.
The price of West Texas Intermediate crude oil fell to an average of $59.99 per barrel (+190.9% y/y) in the week ended March 26 from an average of $63.22 per barrel in the previous week. The price recovered to $61.56 per barrel yesterday. The average price of Brent crude oil declined to $63.02 per barrel (+136.3% y/y) last week from $66.40 per barrel in the previous week. The price was $64.89 per barrel yesterday.
The price of natural gas edged up to $2.54/mmbtu (46.8% y/y) in the week ended March 26 from $2.53/mmbtu in the previous week. Yesterday, the price rose to $2.58/mmbtu.
In the four weeks ended March 19, gasoline demand fell 2.5% y/y and demand for all petroleum products declined 3.7% y/y. Crude oil input to refineries fell 9.1% y/y. Gasoline inventories fell 2.9% y/y while crude oil inventories rose 4.6% y/y. The supply of gasoline in inventory in the week ended March 19 was 27.4 days, the lowest since the end of November.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data are in USENERGY.
| Weekly Energy Prices | 03/29/21 | 03/22/21 | 03/15/21 | Y/Y % | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular, Monday) | 2.85 | 2.87 | 2.85 | 42.2 | 2.24 | 2.57 | 2.27 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 59.99 | 63.22 | 65.02 | 190.9 | 39.43 | 56.91 | 64.95 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.54 | 2.53 | 2.65 | 46.8 | 2.03 | 2.57 | 3.18 |
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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