Global| Dec 23 2014U.S. Gasoline Prices Fall to Lowest Level Since 2009
by:Tom Moeller
|in:Economy in Brief
Summary
Gasoline prices remained on their downward trajectory last week, falling to an average $2.40 (-26.5% y/y), the lowest level since May 2009. Prices have fallen from $3.69 per gallon averaged this past June and from $3.91 in May, 2011. [...]
Gasoline prices remained on their downward trajectory last week, falling to an average $2.40 (-26.5% y/y), the lowest level since May 2009. Prices have fallen from $3.69 per gallon averaged this past June and from $3.91 in May, 2011. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The seasonally adjusted price declined to $2.68 per gallon.
WTI crude oil prices moved 8.7% lower last week to an average $55.81 per barrel (-43.0% y/y) from $61.14 during the prior week. Yesterday prices stabilized at $55.26. Prices were roughly one-half lower than their June peak of $107.52. The seasonally adjusted price generated by Haver declined to $59.20 per barrel last week. Brent crude oil prices fell to $59.68 last week (-45.8% y/y) and were $58.30 yesterday.
Natural gas prices were stable last week at $3.60 per mmbtu (-15.6% y/y) but tumbled to $3.04 yesterday.
The demand for all petroleum products gained 1.4% y/y in the week ended December 12 and gasoline demand rose 4.1% y/y. Inventories of crude oil and petroleum products increased an accelerated 2.9% y/y and gasoline inventories grew 0.7% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the petroleum demand and inventory figures are in OILWKLY.
| Weekly Energy Prices | 12/22/14 | 12/15/14 | 12/08/14 | Y/Y% | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.40 | 2.55 | 2.68 | -26.5 | 3.51 | 3.62 | 3.52 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 55.81 | 61.14 | 67.18 | -43.0 | 97.95 | 94.20 | 95.14 |
| Natural Gas ($/mmbtu, LA, WSJ) | 3.60 | 3.59 | 3.65 | -15.6 | 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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