Global| Feb 04 2014U.S. Gasoline Prices Slip As Natural Gas Prices Surge
by:Tom Moeller
|in:Economy in Brief
Summary
The price for a gallon of regular gasoline prices edged down a penny last week to $3.29 (-7.0% y/y) last week and remained down versus the $3.78 per gallon peak reached in February of last year. Haver Analytics constructs seasonal [...]
The price for a gallon of regular gasoline prices edged down a penny last week to $3.29 (-7.0% y/y) last week and remained down versus 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 also fell last week to $3.50 per gallon, down from $3.94 in February last year.
Extremely cold winter temperatures around the U.S. notably strengthened natural gas prices last week to $5.30 per mmbtu and were up by nearly two-thirds versus last year. Yesterday, prices retreated to $5.07 per mmbtu.
The per barrel cost of WTI crude oil increased to $97.28 (-0.2% y/y) last week but remained down sharply from the $108.67 high in early September. Yesterday, prices fell back to $96.43. Brent crude oil prices fell last week to $108.81 per barrel (-5.9% y/y) and yesterday slipped further to $107.14 per barrel.
The demand for all petroleum products increased 4.2% y/y last week. Gasoline demand gained 2.7% y/y. Residual fuel oil needs, used for heating, fell by 16.5% y/y but distillate demand improved 5.4% y/y. Inventories of crude oil and petroleum products fell 3.1% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the petroleum demand and inventory figures are in OILWKLY.
| Weekly Energy Prices | 02/03/14 | 01/27/14 | 01/20/14 | Y/Y% | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 3.29 | 3.30 | 3.30 | -7.0 | 3.51 | 3.62 | 3.52 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 97.28 | 96.31 | 92.98 | -0.2 | 97.95 | 94.20 | 95.14 |
| Natural Gas ($/mmbtu, LA) | 5.30 | 4.99 | 4.38 | 62.0 | 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.
More Economy in Brief
