Global| Apr 10 2012U.S. Gasoline Prices Are Stable & Crude Oil Falls
by:Tom Moeller
|in:Economy in Brief
Summary
Finally, some relief. Pump prices for regular gasoline held steady last week at $3.94 per gallon but still were their highest since last May. The current level is up seventy cents (22%) since year-end. Haver Analytics' seasonally- [...]
Finally, some relief. Pump prices for regular gasoline held steady last week at $3.94 per gallon but still were their highest since last May. The current level is up seventy cents (22%) since year-end. Haver Analytics' seasonally-adjusted price for regular fell five cents to $3.88 per gallon, adding to the earlier week's two cent dip. Yesterday, the wholesale price for a gallon of unleaded was $3.26 versus $3.32 averaged last week.
The price for a barrel of light sweet crude oil fell last week to $103.51 but still was up sharply versus the low of $79.71 this past October. Yesterday, the cost of crude slipped further to $102.46. Prices peaked at $113.93 last April. Brent crude held last week at $124.96 per barrel but fell to $121.86 yesterday.
Natural gas prices fell again last week to $1.98 per mmbtu, down 52.3% y/y. Yesterday, prices held at that level but were down from the early-January 2010 peak of $6.50.
Reduced driving and improved fuel economy lowered the demand for gasoline by a lessened 3.8% y/y last week. The demand for residual fuel oil demand, used for heating, fell by one-third y/y while distillate demand was off 5.0% y/y. Inventories of crude oil and petroleum products were unchanged year-to-year. That comparison was improved, however, compared to the -5.0% figures this past Fall.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY.
| Weekly Price | 04/09/12 | 04/02/12 | 03/26/12 | Y/Y% | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 3.94 | 3.94 | 3.92 | 3.9 | 3.52 | 2.78 | 2.35 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 103.51 | 105.13 | 106.56 | -5.7 | 95.14 | 79.51 | 61.39 |
| Natural Gas ($/mmbtu) | 1.98 | 2.06 | 2.14 | -52.3 | 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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