Global| May 27 2015U.S. Gasoline Prices Inch Higher; Crude Oil Slips
by:Tom Moeller
|in:Economy in Brief
Summary
Gasoline prices rose to an average $2.77 per gallon at the pump (-24.5% y/y) last week from 2.74 in the prior week. It was the highest level of prices since early-December and prices were roughly one-third higher versus the low of [...]
Gasoline prices rose to an average $2.77 per gallon at the pump (-24.5% y/y) last week from 2.74 in the prior week. It was the highest level of prices since early-December and prices were roughly one-third higher versus the low of $2.04 late in January. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The seasonally adjusted price rose last week to $2.63 per gallon. Spot market gasoline prices were stable at an average $2.00 per gallon (-29.6% y/y).
WTI crude oil costs eased last week to an average $59.23 per barrel (-42.9% y/y), up from the March low of $44.39. This remained the most expensive since the second week of December. Yesterday, prices slipped further to $58.03 per barrel. These prices compare to a June 2014 high of $107.95. The seasonally adjusted price, generated by Haver Analytics, slipped last week to $58.61 per barrel. Brent crude oil prices eased last week to $64.27 per barrel.
Natural gas prices improved to $2.98 per mmbtu last week (-33.7% y/y) but eased to $2.82 yesterday.
Gasoline inventories grew 4.9% y/y while inventories of all petroleum products increased 8.6% y/y. Gasoline demand increased 1.1% y/y while demand for all petroleum products rose 3.9% y/y.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 05/26/15 | 05/18/15 | 05/11/15 | Y/Y% | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.77 | 2.74 | 2.69 | -24.5 | 2.30 | 3.33 | 3.30 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 59.23 | 60.01 | 59.73 | -42.9 | 93.64 | 97.96 | 94.20 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.98 | 2.88 | 2.76 | -33.7 | 4.37 | 3.73 | 2.7 |
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.
