Global| Nov 27 2012U.S. Gasoline Prices Stabilize But Demand Surges
by:Tom Moeller
|in:Economy in Brief
Summary
Last week the pump price for a gallon of regular gasoline inched up one cent (3.9%) to $3.44 per gallon. Since their September peak prices have fallen 44 cents per gallon. The w/w price increase ran counter to the norm for this time [...]
Last week the pump price for a gallon of regular gasoline inched up one cent (3.9%) to $3.44 per gallon. Since their September peak prices have fallen 44 cents per gallon. The w/w price increase ran counter to the norm for this time of year of less driving and lower prices. Haver Analytics constructs seasonal factors to account for seasonal volatility and the adjusted price rose nine cents w/w to $3.78 per gallon. Since their peak last month prices are down just eight cents per gallon.
The demand for gasoline jumped 1.6% y/y. Residual fuel oil needs, used for heating, rose by more than one-third y/y but distillate demand declined 9.2% y/y. Lending support to prices was a 4.4% y/y decline in gasoline inventories.
The price for a barrel of light sweet crude oil jumped $1.92 last week to $87.80 per barrel. Yesterday prices were roughly stable at $87.74. Brent crude oil prices increased last week to $110.47 per barrel and were $110.62 yesterday.
Natural gas prices gained last week to $3.65 per mmbtu and yesterday moved higher to $3.77, the highest level since late September of 2011.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY.
| Weekly Price | 11/26/12 | 11/19/12 | 11/12/12 | Y/Y% | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 3.44 | 3.43 | 3.45 | 3.9 | 3.52 | 2.78 | 2.35 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 87.80 | 85.88 | 85.99 | -9.7 | 95.14 | 79.51 | 61.39 |
| Natural Gas ($/mmbtu) | 3.65 | 3.56 | 3.39 | 28.3 | 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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