Global| May 07 2019U.S. Gasoline Prices Rise While Crude Oil Costs Ease
by:Tom Moeller
|in:Economy in Brief
Summary
Retail gasoline prices improved by one penny last week to $2.90 per gallon (1.8% y/y) after rising five cents during the prior week. It was the highest level since early-October and roughly matched the 2018 high. Haver Analytics [...]
Retail gasoline prices improved by one penny last week to $2.90 per gallon (1.8% y/y) after rising five cents during the prior week. It was the highest level since early-October and roughly matched the 2018 high. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price held steady at $2.80 per gallon, also near the one-year high.
After weeks of strength, West Texas Intermediate crude oil prices backed off to an average of $62.91 per barrel last week (-8.0% y/y). That came after rising to an average $65.26 in the prior period. The latest price was the lowest in four weeks. Yesterday, prices eased to $62.25 per barrel. Brent crude oil prices fell to an average of $71.42 per barrel last week (-3.4% y/y) from its four-week high of $73.82. The price was $71.48 yesterday.
Natural gas prices improved to $2.59/mmbtu last week (-5.8% y/y) then slipped to $2.54 yesterday. These remained the lowest prices since February 2018 and below the early-March high of $3.28/mmbtu.
In the four-weeks ending April 26, gasoline demand rose 1.5% y/y, while total petroleum product demand improved 0.5% y/y. Gasoline inventories declined 4.7% y/y, while inventories of all petroleum products gained 2.5% y/y. Crude oil input to refineries fell 2.9% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 5/6/19 | 4/29/19 | 4/22/19 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.90 | 2.89 | 2.84 | 1.8 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 62.91 | 65.26 | 63.80 | -8.0 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.59 | 2.56 | 2.63 | -5.8 | 3.15 | 2.96 | 2.49 |
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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