Global| Oct 16 2019U.S. Gasoline Prices Fall
by:Tom Moeller
|in:Economy in Brief
Summary
In the week ended October 14, the U.S. pump price for gasoline eased to $2.63 per gallon (-8.7% y/y) from $2.65 the previous week. Haver Analytics adjusts these price figures for seasonal variation. The seasonally adjusted price held [...]
In the week ended October 14, the U.S. pump price for gasoline eased to $2.63 per gallon (-8.7% y/y) from $2.65 the previous week. Haver Analytics adjusts these price figures for seasonal variation. The seasonally adjusted price held steady at $2.54 per gallon.
In the week ended October 11, the price of West Texas Intermediate crude oil was little changed w/w at $53.25 per barrel (-27.0% y/y). It remained down sharply versus the weekly high of $75.11 roughly one year ago. Yesterday, the price was $52.81 per barrel. The price of Brent crude oil edged higher to $58.93 per barrel (-28.5% y/y) from $58.35 the previous week. Yesterday, the price was $58.69.
The price of natural gas declined to $2.29 per mmbtu (-30.6% y/y) in the week ended October 11 from $2.33 per mmbtu in the previous week. It was the lowest price since the end of August and below the $4.49 high reached in early December. Yesterday, the price edged up to $2.29.
For the four weeks ending October 4, U.S. gasoline demand rose 0.5% y/y while total petroleum product demand increased 3.0% y/y. U.S. gasoline inventories fell 3.1% y/y while inventories of all petroleum products increased 0.7% y/y. Crude oil input to U.S. refineries fell 2.8% y/y.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. More detail on prices, demand, production and inventories, including regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 10/14/19 | 10/07/19 | 9/30/19 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.63 | 2.65 | 2.64 | -8.7 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 53.25 | 53.12 | 56.95 | -27.0 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.29 | 2.33 | 2.52 | -30.6 | 3.18 | 2.99 | 2.51 |
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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