Global| Oct 16 2012U.S. Gasoline Prices Slip
by:Tom Moeller
|in:Economy in Brief
Summary
The pump price for a gallon of regular gasoline fell three cents last week to $3.82. Haver Analytics constructs seasonal factors to account for usual volatility and the adjusted price rose one penny to $3.86 per gallon, the highest [...]
The pump price for a gallon of regular gasoline fell three cents last week to $3.82. Haver Analytics constructs seasonal factors to account for usual volatility and the adjusted price rose one penny to $3.86 per gallon, the highest level since early-April.
The price for a barrel of light sweet crude oil improved last week to $91.38 per barrel. Yesterday, the cost of crude was $91.86 per barrel. Prices peaked at $113.93 in April, 2011. Haver's seasonally adjusted crude oil price per barrel increased last week to $90.42. Brent crude firmed further last week to $114.96 per barrel and rose further to $116.18 yesterday.
Natural gas prices rose last week to $3.26 per mmbtu, a ten month high.
The demand for gasoline fell 3.3% y/y. The demand for residual fuel oil, used for heating, fell 22.3% y/y and distillate demand was off 3.5% y/y. Inventories of crude oil and petroleum products increased 1.3% y/y. That comparison was improved from the 5.0% y/y decline this past fall.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY.
| Weekly Price | 10/15/12 | 10/08/12 | 10/01/12 | Y/Y% | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 3.82 | 3.85 | 3.80 | 9.9 | 3.52 | 2.78 | 2.35 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 91.38 | 90.82 | 91.46 | 6.8 | 95.14 | 79.51 | 61.39 |
| Natural Gas ($/mmbtu) | 3.26 | 3.21 | 2.93 | -6.8 | 3.99 | 4.40 | 3.95 |
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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