Global| Jun 09 2015U.S. Gasoline Prices Remain Steady; Crude Oil Strengthens
by:Tom Moeller
|in:Economy in Brief
Summary
Gasoline prices remained unchanged last week at an average $2.78 per gallon at the pump (-24.3% y/y). They were at the highest level since early-December, roughly one-third higher versus the low of $2.04 late in January. Haver [...]
Gasoline prices remained unchanged last week at an average $2.78 per gallon at the pump (-24.3% y/y). They were at the highest level since early-December, 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 also was steady at $2.64 per gallon which was 17.8% higher than the early-February low, less of an increase than at the pump since prices typically rise during the summer driving season. Spot market gasoline prices increased to an average $2.10 per gallon (-25.6% y/y).
WTI crude oil costs improved to an average $59.66 per barrel (-42.2% y/y) and remained up versus the March low of $44.39. Yesterday, prices declined to $58.14 per barrel. These prices compare to a June 2014 high of $107.95. The seasonally adjusted price, generated by Haver Analytics, increased last week to $59.12 per barrel. Brent crude oil prices jumped last week to $63.97 per barrel but backed off to $61.90 yesterday.
Natural gas prices declined to 2.60 per mmbtu last week (-43.4% y/y) and were $2.67 yesterday.
Gasoline inventories grew 4.0% y/y while inventories of all petroleum products increased 8.5% y/y. Gasoline demand increased 1.1% y/y and demand for all petroleum products rose 4.3% y/y.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 06/08/15 | 06/01/15 | 05/26/15 | Y/Y% | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.78 | 2.78 | 2.77 | -24.3 | 2.30 | 3.33 | 3.30 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 59.66 | 58.19 | 58.95 | -42.2 | 93.64 | 97.96 | 94.20 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.60 | 2.76 | 2.98 | -43.4 | 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.
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