Global| Mar 27 2018U.S. Gasoline & Crude Oil Prices Strengthen
by:Tom Moeller
|in:Economy in Brief
Summary
Retail gasoline prices increased to $2.65 per gallon last week (14.4% y/y) and moved to the highest level since early-September. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The [...]
Retail gasoline prices increased to $2.65 per gallon last week (14.4% y/y) and moved to the highest level since early-September. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price rose to $2.68 per gallon, the highest level in four weeks.
WTI crude oil prices rose to $64.15 per barrel last week and were up by roughly one-third y/y. Prices remained below the early-February high of $65.22 per barrel. Prices rose to $65.55 per barrel yesterday. Brent crude oil prices increased to $67.40 per barrel last week and were $68.81 yesterday.
Natural gas prices slipped to $2.63/mmbtu (-11.1% y/y) last week compared to $2.69/mmbtu during the prior week and were $2.58/mmbtu yesterday.
In the week ended March 16, gasoline demand increased 1.9% y/y, while total petroleum product demand improved 4.9% y/y. Gasoline inventories eased 0.2% y/y, while inventories of all petroleum products fell 9.7% y/y. Crude oil input to refineries improved 4.1% y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 03/26/18 | 03/19/18 | 03/12/18 | Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.65 | 2.60 | 2.56 | 14.4 | 2.47 | 2.31 | 2.03 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 64.15 | 61.30 | 61.66 | 34.9 | 50.87 | 43.22 | 48.90 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.63 | 2.69 | 2.71 | -11.1 | 2.96 | 2.49 | 2.62 |
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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