Global| May 24 2016U.S. Gasoline & Crude Oil Prices Strengthen
by:Tom Moeller
|in:Economy in Brief
Summary
Regular gasoline prices increased to $2.30 per gallon last week (-17.1% y/y) following two weeks of little change, according to the U.S. Department of Energy. Prices were at the highest level since the first week of October. The price [...]
Regular gasoline prices increased to $2.30 per gallon last week (-17.1% y/y) following two weeks of little change, according to the U.S. Department of Energy. Prices were at the highest level since the first week of October. The price compares to a low of $1.72 in February, but it remained down from a 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices, and the adjusted price increased to $2.13 per gallon. Spot market gasoline prices eased in the prior week to $1.46, but remained up from a low of $0.89 in early February.
WTI crude oil costs firmed to $48.02 per barrel last week (-18.5% y/y) after rising to $45.46 in the prior week. Yesterday, prices held at $48.08 per barrel, up from the February's daily low of $26.21 per barrel. Brent crude oil prices increased w/w to $48.34 per barrel, then eased to $47.77 yesterday.
Prices for natural gas declined to $1.88 per mmbtu last week (-36.7% y/y), then recovered to $1.95 yesterday.
Last week, gasoline demand increased 5.7% y/y, while demand for all petroleum products gained 2.7% y/y. Gasoline inventories rose 6.3% y/y and inventories of all petroleum products increased 6.7% y/y. Crude oil production (input to refineries) was little changed y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 05/23/16 | 05/16/16 | 05/09/16 | Y/Y % | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.30 | 2.24 | 2.22 | -17.1 | 2.03 | 2.30 | 3.33 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 48.02 | 45.46 | 44.22 | -18.5 | 48.90 | 93.64 | 97.96 |
| Natural Gas ($/mmbtu, LA, WSJ) | 1.88 | 1.99 | 1.94 | -36.7 | 2.62 | 4.37 | 3.73 |
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.
