Global| Nov 19 2019U.S. Gasoline Prices Fall as Crude Oil Stabilizes
by:Tom Moeller
|in:Economy in Brief
Summary
Retail gasoline prices declined to $2.59 per gallon last week (-0.7% y/y) from $2.62 in the previous week. It was the lowest price in two months. Weakness in gasoline demand typically leads to lower prices this time of year. Haver [...]
Retail gasoline prices declined to $2.59 per gallon last week (-0.7% y/y) from $2.62 in the previous week. It was the lowest price in two months. Weakness in gasoline demand typically leads to lower prices this time of year. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price rose to $2.62 per gallon, the highest level since the last week of July.
West Texas Intermediate crude oil prices rose slightly to an average $56.98 (0.1% y/y) per barrel last week versus $56.78 during the prior week. It remained the highest price in two months. Yesterday, prices rose further to $57.05. Brent crude oil prices improved to $62.44 (-6.7% y/y) per barrel last week and were $62.23 yesterday.
Natural gas prices declined to $2.73/mmbtu last week (-35.5% y/y) and reversed roughly half of the prior week's rise.
In the four-weeks ending November 8, gasoline demand increased 2.6% y/y. Total petroleum product demand rose 0.2% y/y. Gasoline inventories decreased 3.3% y/y in the week ending November 8, while inventories of all petroleum products grew 0.4% y/y. Crude oil input to refineries fell 3.6% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy and the National Climate Data Center. The price data can be found in Haver's WEEKLY and DAILY databases. Weekly U.S. National (Contiguous 48 States) temperature can be found in WEEKLY. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 11/18/19 | 11/11/19 | 11/04/19 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.59 | 2.62 | 2.61 | -0.7 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 56.98 | 56.78 | 55.24 | 0.1 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.73 | 2.81 | 2.62 | -35.5 | 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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