Global| Jul 02 2019U.S. Gasoline & Oil Prices Rise
by:Tom Moeller
|in:Economy in Brief
Summary
U.S. retail gasoline prices increased for the first time in eight weeks, rising to $2.71 (-4.6% y/y) per gallon during the week ended July 1. Haver Analytics calculates factors that adjust for the seasonal variation in gasoline pump [...]
U.S. retail gasoline prices increased for the first time in eight weeks, rising to $2.71 (-4.6% y/y) per gallon during the week ended July 1. Haver Analytics calculates factors that adjust for the seasonal variation in gasoline pump prices. The seasonally adjusted price increased to $2.63 per gallon.
Continuing the recent rally, the weekly average price of West Texas Intermediate crude oil rose to an average $58.53 per barrel (-18.5% y/y) in the week ended June 28 from $54.75 in the previous week. Yesterday prices rose further to $59.09 per barrel. Brent crude oil prices rose to an average of $65.15 (-15.4% y/y) last week from $62.94 per barrel in the previous week. Yesterday, the price slipped to $64.97.
U.S. natural gas prices declined sharply last week, continuing the recent trend downward. The price of $2.34/mmbtu (-20.6% y/y) was the lowest since November 2016 and remained well below November's high of $4.67/mmbtu. The price rose yesterday to $2.31 from $2.27 on Friday.
In the four-weeks ending June 21, U.S. gasoline demand rose 2.1% y/y, the largest y/y rise since early May, while total petroleum product demand gained 1.8% y/y. U.S. gasoline inventories declined 3.7%y/y, but inventories of all petroleum products strengthened 4.6% y/y. Crude oil input to U.S. refineries fell 2.5% y/y.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, including regional breakdowns, are in OILWKLY.
Oil & Gas Activity Flat amid Surging Uncertainty and Increasingly Pessimistic Outlooks from the Federal Reserve Bank of Dallas can be found here.
| Weekly Energy Prices | 7/1/2019 | 6/24/2019 | 6/17/2019 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.71 | 2.65 | 2.67 | -4.6 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 58.53 | 54.75 | 52.50 | -18.5 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.34 | 2.40 | 2.41 | -20.6 | 3.15 | 2.96 | 2.49 |
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.
More Economy in Brief
