Global| Feb 25 2014U.S. Gasoline Prices Show Continued Strength
by:Tom Moeller
|in:Economy in Brief
Summary
The price for a gallon of regular gasoline increased to $3.44 (-9.0% y/y) last week, the third consecutive week of increase from the $3.29 low. Nevertheless, prices remained below the $3.78 per gallon peak reached in February of last [...]
The price for a gallon of regular gasoline increased to $3.44 (-9.0% y/y) last week, the third consecutive week of increase from the $3.29 low. Nevertheless, prices remained below the $3.78 per gallon peak reached in February of last year. Haver Analytics constructs seasonal factors to account for seasonal volatility. The adjusted price ticked lower last week at $3.55 per gallon, down from $3.94 in February last year.
The per barrel cost of WTI crude oil also strengthened to $102.74 (9.0% y/y) last week but remained lower than the $108.67 high in early September. Yesterday, prices edged higher to $102.82 per barrel. Brent crude oil prices also rose last week to $109.83 per barrel (-5.0% y/y) and yesterday held steady.
Natural gas prices moved lower last week to $5.98 per mmbtu but remained up sharply from prices twelve months ago. Yesterday, prices increased to $6.28 per mmbtu.
The demand for all petroleum products increased 3.0% y/y last week. Gasoline demand fell 1.1% y/y. Residual fuel oil needs, used for heating, strengthened 11.4% y/y while distillate demand jumped rose 4.4% y/y. Inventories of crude oil and petroleum products fell 3.4% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the petroleum demand and inventory figures are in OILWKLY.
| Weekly Energy Prices | 02/24/14 | 02/17/14 | 02/10/14 | Y/Y% | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 3.44 | 3.38 | 3.31 | -9.0 | 3.51 | 3.62 | 3.52 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 102.74 | 100.21 | 97.78 | 9.0 | 97.95 | 94.20 | 95.14 |
| Natural Gas ($/mmbtu, LA) | 5.98 | 6.47 | 6.39 | 81.6 | 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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