Global| Sep 25 2018U.S. Gasoline Prices Remain High; Crude Oil Costs Strengthen
by:Tom Moeller
|in:Economy in Brief
Summary
Gasoline prices, at $2.84 per gallon last week (10.1% y/y), were unchanged from the prior week and have been roughly steady since May. Haver Analytics constructs factors to adjust for the marked seasonal variation in prices. The [...]
Gasoline prices, at $2.84 per gallon last week (10.1% y/y), were unchanged from the prior week and have been roughly steady since May. Haver Analytics constructs factors to adjust for the marked seasonal variation in prices. The seasonally-adjusted gasoline price rose w/w to $2.76 per gallon from $2.73.
West Texas Intermediate crude oil prices increased last week to $70.29 per barrel (40.2% y/y) as they closed in on the $73.71 peak reached early in July. Yesterday, the price rose to $72.08. Brent crude oil prices were little changed w/w at $78.64 (40.4% y/y) per barrel last week. The price was $81.33 yesterday.
Natural gas prices improved to $2.99/mmbtu (-3.2% y/y) last week. The price was $3.04 yesterday.
In the four-weeks ending September 21, gasoline demand increased 2.0% y/y; total petroleum product demand rose 4.9% y/y. Gasoline inventories strengthened 8.3% y/y, but inventories of all petroleum products declined 4.3% y/y due to a one-quarter decline in residual fuel oil inventories. Crude oil input to refineries strengthened 14.7% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 09/24/18 | 09/17/18 | 09/10/18 | Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.84 | 2.84 | 2.83 | 10.1 | 2.47 | 2.31 | 2.03 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 70.29 | 68.95 | 68.52 | 40.2 | 50.87 | 43.22 | 48.90 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.99 | 2.89 | 2.90 | -3.2 | 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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