Global| Jun 18 2013U.S. Gasoline Prices Slip While Crude Oil Strengthens
by:Tom Moeller
|in:Economy in Brief
Summary
The price of regular gasoline retreated last week to $3.63 per gallon but remained up 2.6% versus last year. Prices remain below the $3.78 per gallon peak reached late in February. Haver Analytics constructs seasonal factors to [...]
The price of regular gasoline retreated last week to $3.63 per gallon but remained up 2.6% versus last year. Prices remain below the $3.78 per gallon peak reached late in February. Haver Analytics constructs seasonal factors to account for seasonal volatility and the adjusted price was stable at $3.48 per gallon.
Light sweet crude oil prices increased $2.05 last week to $96.31 per barrel (15.6% y/y) and remained close to where they've been this year. Nevertheless, the price exceeded the June 2012 low of $80.29. Yesterday prices improved further to $97.77. Brent crude oil prices also have been strengthening. They rose last week to $103.33 per barrel (6.5% y/y) and were $105.39 yesterday.
Natural gas prices have been under modest pressure as the heating season has passed. They declined last week to $3.78 per mmbtu (68.3% y/y) and held at $3.79 yesterday.
The demand for gasoline slipped 0.4% y/y last week, but the arrival of the summer driving season lifted demand sharply on a m/m basis. Residual fuel oil needs, used for heating, rose 0.3% y/y and distillate demand jumped 9.2% y/y. Gasoline inventories jumped 9.8% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY.
| Weekly Energy Prices | 06/17/13 | 06/10/13 | 06/03/13 | Y/Y% | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 3.63 | 3.66 | 3.65 | 2.6 | 3.62 | 3.52 | 2.78 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 96.31 | 94.26 | 93.43 | 15.6 | 94.20 | 95.14 | 79.51 |
| Natural Gas ($/mmbtu) | 3.78 | 3.92 | 4.11 | 68.3 | 2.75 | 3.99 | 4.00 |
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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