Global| Sep 06 2017U.S. Gasoline Prices Jump; Crude Oil & Natural Gas Costs Ease
by:Tom Moeller
|in:Economy in Brief
Summary
Hurricane Harvey has had a pronounced effect on gasoline prices. Regular gasoline prices at the pump jumped 28 cents in the week ended September 4 to $2.68 per gallon (20.5% y/y), the highest level since August 2015. Haver Analytics [...]
Hurricane Harvey has had a pronounced effect on gasoline prices. Regular gasoline prices at the pump jumped 28 cents in the week ended September 4 to $2.68 per gallon (20.5% y/y), the highest level since August 2015. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally adjusted gasoline price rose to $2.54 per gallon, the highest level since February of this year.
WTI crude oil prices eased to $46.67 per barrel last week (+3.5% y/y) and remained down from $53.18 in early-April. Prices strengthened yesterday to $48.66 per barrel. The 2-month futures contract price jumped, however, to $49.14. Brent crude oil prices gained to $51.96 per barrel last week, then were $53.25 per barrel yesterday.
Natural gas prices declined to $2.89/mmbtu last week (-0.8% y/y) and were $2.86 yesterday.
In the week ended August 25, gasoline demand improved 0.2% y/y, while total petroleum product demand increased 3.4% y/y. Gasoline inventories fell 0.9% y/y, while inventories of all petroleum products declined 4.2% y/y. Crude oil input to refineries increased 5.3% y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 09/04/17 | 08/28/17 | 08/21/17 | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.68 | 2.40 | 2.36 | 20.5 | 2.31 | 2.03 | 2.30 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 46.67 | 47.71 | 47.52 | 3.5 | 43.22 | 48.90 | 93.64 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.89 | 2.96 | 2.91 | -0.8 | 2.49 | 2.62 | 4.37 |
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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