Global| Jul 17 2018U.S. Gasoline Price Steady; Crude Oil Falls Sharply
by:Tom Moeller
|in:Economy in Brief
Summary
Retail gasoline prices edged up to $2.87 per gallon last week (+25.8% y/y) from $2.86 per gallon during the prior week. Prices have ranged between $2.80 and $2.96 since the middle of April. Haver Analytics constructs factors adjusting [...]
Retail gasoline prices edged up to $2.87 per gallon last week (+25.8% y/y) from $2.86 per gallon during the prior week. Prices have ranged between $2.80 and $2.96 since the middle of April. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price was $2.78 per gallon, little changed since mid-April.
West Texas Intermediate crude oil prices decreased to an average of $71.94 (+58.1% y/y) per barrel last week from the recent high of $73.71. Yesterday, prices fell sharply to $68.06 per barrel, the lowest price since late-June. Brent crude oil prices eased to an average of $76.14 per barrel last week and were $72.22 yesterday.
Natural gas prices eased to an average of $2.84/mmbtu last week (-3.9% y/y) from $2.86/mmbtu and were at the lowest level since early-May. Prices were $2.74 yesterday.
In the four-weeks ending July 6, gasoline demand declined 1.7% y/y, while total petroleum product demand fell 1.4% y/y. Gasoline inventories rose 1.4% y/y, while inventories of all petroleum products fell 7.6% y/y. Crude oil input to refineries was up 3.5% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 07/16/18 | 07/09/18 | 07/02/18 | Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.87 | 2.86 | 2.84 | 25.8 | 2.47 | 2.31 | 2.03 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 71.94 | 73.71 | 71.79 | 58.1 | 50.87 | 43.22 | 48.90 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.84 | 2.86 | 2.95 | -3.9 | 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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