Global| May 29 2019U.S. Gasoline & Oil Prices Weaken
by:Tom Moeller
|in:Economy in Brief
Summary
Retail gasoline prices fell three cents last week to $2.82 per gallon (-4.7% y/y), the third consecutive weekly decline. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally- [...]
Retail gasoline prices fell three cents last week to $2.82 per gallon (-4.7% y/y), the third consecutive weekly decline. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price declined five cents to $2.66 per gallon.
West Texas Intermediate crude oil prices declined to an average of $60.82 per barrel last week (-14.3% y/y). The latest price compared to the early-October high of $75.11. Yesterday, prices eased further to $59.14 per barrel. Brent crude oil prices fell to an average of $70.21 per barrel last week (-10.8% y/y). Prices reached a high of $84.96 in early October.
Natural gas prices held steady at $2.67/mmbtu last week (-5.9% y/y). Prices remained below the early-March high of $3.28/mmbtu.
In the four-weeks ending May 17, gasoline demand fell 1.1% y/y, while total petroleum product demand declined 2.7% y/y. Gasoline inventories declined 2.2% y/y, while inventories of all petroleum products rose 4.2% y/y. Crude oil input to refineries slipped 0.3% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Which Core to Believe? Trimmed Mean Versus Ex-Food-and-Energy Inflation from the Federal Reserve Bank of Dallas is available here.
| Weekly Energy Prices | 5/27/2019 | 5/20/2019 | 5/13/2019 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.82 | 2.85 | 2.87 | -4.7 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 60.82 | 62.09 | 61.84 | -14.3 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.67 | 2.67 | 2.60 | -5.9 | 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.
