Global| Apr 03 2012U.S. Gasoline Prices Continue Higher But Crude Oil Slips
by:Tom Moeller
|in:Economy in Brief
Summary
The rise has been relentless. Pump prices for regular gasoline rose another two cents last week to $3.94 per gallon, their highest since last May. The gain has been seventy cents (22%) since year-end. Reduced seasonal demand typically [...]
The rise has been relentless. Pump prices for regular gasoline rose another two cents last week to $3.94 per gallon, their highest since last May. The gain has been seventy cents (22%) since year-end. Reduced seasonal demand typically fosters lower gasoline prices this time of year, but prices haven't followed the norm and stayed high. Haver Analytics' seasonally-adjusted price for regular unleaded dipped just two cents from its record $3.95. Yesterday, the wholesale price for a gallon of unleaded was $3.25 versus $3.28 averaged last week.
The price for a barrel of light sweet crude oil slipped last week to $105.13 and compared to the low of $79.71 this past October. Yesterday, the cost of crude held at $105.23. Prices peaked at $113.93 last April. Brent crude also slipped last week to $124.38 per barrel but recovered to a new high of $125.89 yesterday.
Natural gas prices continued lower last week to $2.06 per mmbtu, down 52.1% y/y. Yesterday's price of $1.91 per mmbtu was down from the early-January 2010 peak of $6.50.
Reduced driving and improved fuel economy lowered the demand for gasoline by 6.1% y/y last week. The demand for residual fuel oil demand, used for heating, also was down 38.9% y/y with near-record warm temperatures. Distillate demand was off 8.6% y/y. Inventories of crude oil and petroleum products slipped 0.6% year-to-year compared to a 10.0% rise during mid-2009.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY.
| Weekly Price | 04/02/12 | 03/26/12 | 03/19/12 | Y/Y% | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 3.94 | 3.92 | 3.87 | 7.0 | 3.52 | 2.78 | 2.35 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 105.13 | 106.56 | 106.13 | -0.4 | 95.14 | 79.51 | 61.39 |
| Natural Gas ($/mmbtu) | 2.06 | 2.14 | 2.11 | -52.1 | 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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