Global| Jul 03 2018U.S. Gasoline Prices Remain Elevated; Crude Oil Prices Strengthen
by:Tom Moeller
|in:Economy in Brief
Summary
Retail gasoline prices improved to $2.84 per gallon last week (25.8% y/y) from $2.83 per gallon during the prior week. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally- [...]
Retail gasoline prices improved to $2.84 per gallon last week (25.8% y/y) from $2.83 per gallon during the prior week. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price rose to $2.76 per gallon, its highest level since early-last month.
West Texas Intermediate crude oil prices increased w/w to an average of $72.16 per barrel last week (61.6% y/y) from $66.35. It was the highest price since late-November of last year and up from $28.13 early in February 2016. Yesterday, prices strengthened further to $73.94 per barrel. Brent crude oil prices rose last week to an average of $76.68 and were $77.31 yesterday.
Natural gas prices held steady for a second week at an average of $2.95/mmbtu last week (-1.2% y/y) and were $2.87 yesterday.
In the four-weeks ending June 22, gasoline demand slipped 0.1% y/y, while total petroleum product demand increased 1.5% y/y. Gasoline inventories improved 0.1% y/y, while inventories of all petroleum products declined 8.4% y/y. Crude oil input to refineries rose 2.7% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 07/02/18 | 06/25/18 | 06/18/18 | Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.84 | 2.83 | 2.88 | 25.8 | 2.47 | 2.31 | 2.03 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 72.16 | 66.35 | 66.20 | 61.6 | 50.87 | 43.22 | 48.90 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.95 | 2.95 | 2.95 | -1.2 | 2.96 | 2.49 | 2.62 |
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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