Global| Oct 21 2014U.S. Gasoline Prices Reach 2011 Low
by:Tom Moeller
|in:Economy in Brief
Summary
The cost of a gallon of regular gasoline continued to fall sharply last week. At $3.12 per gallon (-7.1% y/y), the price was down from $3.21 during the prior week and was its least expensive since January 2011. To account for seasonal [...]
The cost of a gallon of regular gasoline continued to fall sharply last week. At $3.12 per gallon (-7.1% y/y), the price was down from $3.21 during the prior week and was its least expensive since January 2011. To account for seasonal patterns, Haver Analytics constructs factors for adjustment of pump prices. The seasonally adjusted price declined to $3.14 per gallon from $3.20.
WTI crude oil prices dropped to an average $82.94 last week (-18.3% y/y) from $87.63 during the prior period. Yesterday prices were fairly stable at $82.71. The seasonally adjusted price generated by Haver declined to $85.03 per barrel last week. Brent crude oil prices fell to $85.03 per barrel (-22.8% y/y) and declined further to $84.19 yesterday.
Natural gas prices also fell last week to an average $3.82 per mmbtu (+1.4% y/y) and were $3.68 yesterday.
The demand for all petroleum products was roughly unchanged (1.6% y/y) in the week ended October 10. Demand remained 3.8% below its December 2013 peak. Gasoline demand improved 1.0% w/w but slipped 0.5% y/y. Demand was 3.3% below its August peak. Inventories of crude oil and petroleum products gained 0.3% y/y but gasoline inventories were down 5.4% y/y and off 11.9% since early this year.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the petroleum demand and inventory figures are in OILWKLY.
| Weekly Energy Prices | 10/20/14 | 10/13/14 | 10/06/14 | Y/Y% | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 3.12 | 3.21 | 3.30 | -7.1 | 3.51 | 3.62 | 3.52 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 82.94 | 87.63 | 91.44 | -18.3 | 97.95 | 94.20 | 95.14 |
| Natural Gas ($/mmbtu, LA, WSJ) | 3.82 | 3.87 | 4.05 | 1.4 | 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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