Global| Apr 28 2015U.S. Gasoline Prices Add To Recent Increases
by:Tom Moeller
|in:Economy in Brief
Summary
Last week, gasoline prices increased to an average $2.57 cents per gallon at the pump, the highest level since early-December and up by one-quarter versus the late-January low of $2.04. Haver Analytics constructs factors adjusting for [...]
Last week, gasoline prices increased to an average $2.57 cents per gallon at the pump, the highest level since early-December and up by one-quarter versus the late-January low of $2.04. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The seasonally adjusted price rose last week to $2.47 per gallon. Spot-market gasoline prices rose to an average $1.89 per gallon from an early-January low of $1.28.
>Higher crude oil costs are helping to generate the gasoline price increase. During the week ended April 24, WTI crude oil prices rose to an average $56.60 per barrel (-44.6% y/y), up from last month's low of $44.39. This was the most expensive since the second week of December. Yesterday, prices were stable at $56.99 per barrel. These prices compare to a June 2014 of $107.95. The seasonally adjusted price, generated by Haver Analytics, gained last week to $55.71 per barrel. Brent crude oil prices increased to $61.41 per barrel last week (-43.8% y/y) and were $62.86 yesterday.
Natural gas prices held at $2.56 (-46.1% y/y) per mmbtu during the week ended April 24 and slipped to $2.48 yesterday.
Gasoline demand picked up momentum and jumped 4.0% y/y as of mid-month. Needs have surged during the last four weeks. Demand for all petroleum products rose 5.2% y/y but has slackened sharply this year due to weakness in distillate demand. Gasoline inventories grew 7.5% y/y, but they have fallen sharply during the last two months. Inventories of all petroleum products increased 9.3% y/y and their level continues to surge.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
Plunging Oil Prices: A Boost for the U.S. Economy, a Jolt for Texas from the Federal Reserve Bank of Dallas can be found here.
| Weekly Energy Prices | 04/27/15 | 04/20/15 | 04/13/15 | Y/Y% | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.57 | 2.49 | 2.41 | -30.8 | 2.30 | 3.33 | 3.30 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 56.60 | 54.78 | 51.78 | -44.6 | 93.64 | 97.96 | 94.20 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.56 | 2.58 | 2.63 | -46.1 | 4.37 | 3.73 | 2.7 |
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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