Global| Sep 23 2014U.S. Gasoline Prices Fall Further
by:Tom Moeller
|in:Economy in Brief
Summary
The price for a gallon of regular gasoline declined to $3.35 last week (-4.1% y/y) and remained at the lowest level since mid-February. To account for seasonal patterns, Haver Analytics constructs factors for adjustment of pump [...]
The price for a gallon of regular gasoline declined to $3.35 last week (-4.1% y/y) and remained at the lowest level since mid-February. To account for seasonal patterns, Haver Analytics constructs factors for adjustment of pump prices. The adjusted price declined to $3.27 per gallon, the lowest level since December 2010. The N.Y. spot market price for unleaded regular gasoline averaged $2.62 last week, down from $3.00 in mid-April.
WTI crude oil prices rose to $93.53 per barrel (-12.0% y/y) last week but yesterday dropped back to $91.52. The seasonally adjusted price generated by Haver improved to $94.77 per barrel last week. Brent crude oil prices slipped to $97.06 per barrel last week (-11.7% y/y) and were $95.50 yesterday.
Natural gas prices were roughly stable last week at $3.91 per mmbtu (5.2% y/y) and yesterday were stable.
The demand for all petroleum products increased 1.2% y/y in the week ended September 12. Gasoline demand edged 0.4% higher y/y. Residual fuel oil needs, used for heating, fell 31.9% y/y while distillate demand dropped 2.6% y/y. Inventories of crude oil and petroleum products gained 0.8% y/y but gasoline inventories were down 2.4% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the petroleum demand and inventory figures are in OILWKLY.
| Weekly Energy Prices | 09/23/14 | 09/15/14 | 09/08/14 | Y/Y% | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 3.35 | 3.41 | 3.46 | -4.1 | 3.51 | 3.62 | 3.52 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 93.53 | 92.43 | 94.06 | -12.0 | 97.95 | 94.20 | 95.14 |
| Natural Gas ($/mmbtu, LA, WSJ) | 3.91 | 3.90 | 3.92 | 5.2 | 3.73 | 2.75 | 3.99 |
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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