Global| Jun 26 2018U.S. Gasoline Prices Slip; Crude Oil Costs Stabilize
by:Tom Moeller
|in:Economy in Brief
Summary
Retail gasoline prices declined to $2.83 per gallon last week (+23.8% y/y) from $2.88 per gallon during the prior week. Prices have fallen for four consecutive weeks. Haver Analytics constructs factors adjusting for the seasonal [...]
Retail gasoline prices declined to $2.83 per gallon last week (+23.8% y/y) from $2.88 per gallon during the prior week. Prices have fallen for four consecutive weeks. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price was little changed at $2.72 per gallon, down versus its peak of $2.90 early in February.
West Texas Intermediate crude oil prices were fairly steady w/w at an average of $66.26 (53.6% y/y) per barrel last week. Prices remained lower than the $71.31 high in mid-May. Yesterday, prices strengthened to $68.08 per barrel. Brent crude oil prices declined last week to an average of $74.68 per barrel and were $74.69 yesterday.
Natural gas prices were unchanged at an average of $2.95/mmbtu last week (3.1% y/y) and were $2.93 yesterday.
In the four-weeks ending June 15, gasoline demand eased 0.9% y/y, while total petroleum product demand improved 0.9% y/y. Gasoline inventories slipped 0.8% y/y, while inventories of all petroleum products declined 8.2% y/y. Crude oil input to refineries rose 0.9% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 06/25/18 | 06/18/18 | 06/11/18 | Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.83 | 2.88 | 2.91 | 23.8 | 2.47 | 2.31 | 2.03 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 66.26 | 66.20 | 65.35 | 53.6 | 50.87 | 43.22 | 48.90 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.95 | 2.95 | 2.88 | 3.1 | 2.96 | 2.49 | 2.62 |
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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