Global| Jun 22 2010U.S. Gasoline & Crude Oil Prices Reverse Earlier Declines
by:Tom Moeller
|in:Economy in Brief
Summary
Petroleum prices have firmed recently. The pump price for regular gasoline of $2.74 per gallon last week was its highest in four weeks and prices were up more than three-quarters since the December 2008 low. Holding firm yesterday was [...]
Petroleum prices have firmed recently. The pump
price for regular gasoline of $2.74 per gallon
last week was its highest in four weeks and prices were up more than
three-quarters since the December 2008 low. Holding firm yesterday was
the spot market price for a gallon of regular gasoline at $2.07 which
was the highest level since early last month. The figures are reported
by the U.S. Department of Energy and can be
found in Haver's WEEKLY & DAILY databases.
Continuing higher last week to $76.74 was the average price for a barrel of light sweet crude (WTI). Nevertheless the price remained down from the high of $84.23 averaged during April. Yesterday crude prices moved higher to $77.82 per barrel, up from the May 24th low of $66.88.
U.S. natural gas prices also have strengthened of late to an average $5.10 per mmbtu (26.7% y/y), the highest level since early-March. Nevertheless, prices remained down from a high of $6.50 early in January.
Demand for gasoline eased 0.7% last week versus one year ago and that compares to a 0.9% increase last month. The demand for residual fuel oil fell a sharp 14.2% versus last year while distillate demand continued to surge by 12.5% y/y. That's improved from a 12.3% decline during February. Inventories of crude oil and petroleum products continued to slip versus last year but still were up sharply from the early-2010 low.
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.
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.
