Global| Dec 12 2012U.S. Gasoline Prices Are Down Again As Crude Oil Prices Fall
by:Tom Moeller
|in:Economy in Brief
Summary
The pump price for a gallon of regular gasoline declined four cents last week (+1.9% y/y) to $3.35 per gallon. Since their September peak, prices have fallen fifty three cents per gallon. The norm for this time of year of less driving [...]
The pump price for a gallon of regular gasoline declined four cents last week (+1.9% y/y) to $3.35 per gallon. Since their September peak, prices have fallen fifty three cents per gallon. The norm for this time of year of less driving is for prices to decline. Haver Analytics constructs seasonal factors to account for seasonal volatility and the adjusted price fell a lesser two cents w/w to $3.72 per gallon. Since their October peak prices are down 14 cents per gallon.
The price for a barrel of light sweet crude oil slipped last week to $87.53 per barrel (-12.6% y/y) but yesterday prices fell further to $85.79. Brent crude oil prices fell last week to $108.93 per barrel and were $108.20 yesterday.
Natural gas prices continued down last week to $3.39 per mmbtu (-0.3% y/y) and slipped slightly this week.
The demand for gasoline was roughly unchanged y/y late last month but the demand trend has firmed substantially. Residual fuel oil needs, used for heating, fell 8.1% y/y but distillate demand improved 1.7% y/y. Inventories of crude oil & petroleum products rose 2.1% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY.
| Weekly Price | 12/10/12 | 12/03/12 | 11/26/12 | Y/Y% | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 3.35 | 3.39 | 3.44 | 1.9 | 3.52 | 2.78 | 2.35 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 87.53 | 87.68 | 87.80 | -12.6 | 95.14 | 79.51 | 61.39 |
| Natural Gas ($/mmbtu) | 3.39 | 3.67 | 3.65 | -0.3 | 3.99 | 4.40 | 3.95 |
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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