Global| Feb 04 2020U.S. Gasoline & Crude Oil Prices Weaken Further
by:Tom Moeller
|in:Economy in Brief
Summary
Retail gasoline prices fell to $2.46 per gallon (+8.9% y/y) in the week ended February 3 from $2.51 per gallon in the previous week. This was the fourth consecutive weekly decline and the lowest price since March 2019. Haver Analytics [...]
Retail gasoline prices fell to $2.46 per gallon (+8.9% y/y) in the week ended February 3 from $2.51 per gallon in the previous week. This was the fourth consecutive weekly decline and the lowest price since March 2019. Haver Analytics adjusts prices for seasonal variation. The seasonally adjusted gasoline price fell to $2.67 per gallon from $2.73 in the previous week, but remained well above the recent low of $2.41 early in 2019.
Last week, the price of West Texas Intermediate crude oil declined to $52.73 per barrel (-1.7% y/y) after falling to $56.19 per barrel in the previous week. Prices weakened from $61.75 early in January. Yesterday, the price fell further to $50.11. The price of Brent crude oil declined to an average of $58.54 per barrel (4.5% y/y) from $63.16 per barrel in the previous week. The price declined to $54.40 yesterday.
The weekly average price of natural gas improved to $1.95/mmbtu (-32.8% y/y) last week from $1.93/mmbtu in the previous week. The price weakened further to $1.90/mmbtu yesterday.
In the four weeks ending January 24, gasoline demand declined 4.4% y/y, while total petroleum product demand fell 4.1% y/y. Gasoline inventories increased 1.5% y/y and inventories of all petroleum products increased 1.0% y/y. Crude oil input to refineries fell 2.3% y/y in the past four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 02/03/20 | 01/27/20 | 01/20/20 | Y/Y % | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.46 | 2.51 | 2.54 | 8.9 | 2.57 | 2.27 | 2.47 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 52.73 | 56.19 | 58.28 | -1.7 | 56.91 | 64.95 | 50.87 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 1.95 | 1.93 | 2.06 | -32.8 | 2.57 | 3.18 | 2.99 |
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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