Global| Apr 23 2013U.S. Gasoline Price Decline Stabilizes; Natural Gas Surge Continues
by:Tom Moeller
|in:Economy in Brief
Summary
The price of regular gasoline held last week at $3.54 per gallon (-8.6% y/y). That followed eight weeks of decline from a $3.78 per gallon peak. The norm for this time of year, as driving picks up seasonally, is for prices to begin [...]
The price of regular gasoline held last week at $3.54 per gallon (-8.6% y/y). That followed eight weeks of decline from a $3.78 per gallon peak. The norm for this time of year, as driving picks up seasonally, is for prices to begin rising. Haver Analytics constructs seasonal factors to account for seasonal volatility and the adjusted price also held w/w at $3.33 per gallon.
The price for a barrel of light sweet crude oil fell to $87.97 per barrel (-14.6% y/y), the lowest price since early-December. Yesterday prices improved slightly to $88.76. Brent crude oil prices fell to $98.23 per barrel (-16.2% y/y) last week but improved to $99.65 yesterday.
The recent surge in natural gas prices shows no sign of letting up. Prices rose further last week to $4.26 per mmbtu (128.7% y/y) and continued higher to $4.33 yesterday.
The demand for gasoline fell 3.3 y/y last week. Residual fuel oil needs, used for heating, fell by one-quarter y/y but distillate demand increased 2.9% y/y. Inventories of crude oil & petroleum products rose 1.0% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY.
| Weekly Price | 04/22/13 | 04/15/13 | 04/08/13 | Y/Y% | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 3.54 | 3.54 | 3.61 | -8.6 | 3.62 | 3.52 | 2.78 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 87.97 | 93.40 | 94.93 | -14.6 | 94.20 | 95.14 | 79.51 |
| Natural Gas ($/mmbtu) | 4.26 | 4.14 | 4.02 | 128.7 | 2.75 | 3.99 | 4.00 |
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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