Global| Feb 07 2012U.S. Gasoline Prices Firm Although Demand Falls Sharply
by:Tom Moeller
|in:Economy in Brief
Summary
The pump price for regular gasoline rose again, last week to $3.48 per gallon which is up roughly ten cents during the last two weeks. Retail prices usually decline this time of year with reduced seasonal demand. To account for this [...]
The pump price for regular gasoline rose again, last week to $3.48 per gallon which is up roughly ten cents during the last two weeks. Retail prices usually decline this time of year with reduced seasonal demand. To account for this pattern, Haver Analytics calculates seasonal factors. As a result, the adjusted gasoline price rose another three cents w/w to $3.75. Yesterday, the wholesale price for a gallon of unleaded was $2.95 versus last week's average of $2.91.
Gasoline demand recently fell 7.3% on average versus last year. Demand for residual fuel oil declined 1.6% y/y and distillate demand was off 1.7%. Inventories of crude oil and petroleum products fell 2.8% year-to-year compared to a 10.0% rise during mid-2009.
The price for a barrel of light sweet crude oil declined last week to $97.81 but remained up sharply from $79.71, the average during the first week of October. Yesterday, the price fell further to $96.91. Prices peaked at $113.93 in late-April. Working the other way, Brent crude rose last week to $111.23 per barrel and was $115.47 yesterday. Prices peaked earlier at $126.21.
Natural gas prices dropped last week to $2.47 per mmbtu, which was down nearly one-half y/y. Yesterday prices were $2.48 and were lower versus the early-January, 2010 peak of $6.50.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY
Explaining the Decline in the U.S. Labor Force Participation Rate from the Federal Reserve Bank of Chicago is available here.
| Weekly Price | 02/06/12 | 01/30/12 | 01/27/12 | Y/Y% | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 3.48 | 3.44 | 3.39 | 11.2 | 3.52 | 2.78 | 2.35 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 97.81 | 99.11 | 100.04 | 7.9 | 95.14 | 79.51 | 61.39 |
| Natural Gas ($/mmbtu) | 2.47 | 2.56 | 2.40 | -45.5 | 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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