Global| Sep 26 2017U.S. Gasoline Prices Weaken; Crude Oil Costs Continue to Rise
by:Tom Moeller
|in:Economy in Brief
Summary
Regular gasoline prices at the pump declined to $2.58 per gallon last week (+16.1% y/y), the lowest level in four weeks. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally [...]
Regular gasoline prices at the pump declined to $2.58 per gallon last week (+16.1% y/y), the lowest level in four weeks. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally adjusted gasoline price slipped to $2.53 per gallon.
WTI crude oil prices moved the other way and rose to $50.21 per barrel last week (12.5% y/y), the highest level since late-May. Prices continued to strengthen yesterday with a move to $52.22 per barrel. The two-month futures contract price was higher a $52.52. Brent crude oil prices increased to $56.00 per barrel last week, then rose to $58.99 per barrel yesterday.
Natural gas prices rose to $3.09/mmbtu last week (0.5% y/y) and were $2.97 yesterday.
In the week ended September 15, gasoline demand eased 0.3% y/y, while total petroleum product demand gained 0.5% y/y. Gasoline inventories fell 4.0% y/y, while inventories of all petroleum products declined 3.5% y/y. Crude oil input to refineries fell 8.1% y/y in the last four weeks, compared to sharp y/y improvement earlier this year.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 09/25/17 | 09/18/17 | 09/11/17 | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.58 | 2.63 | 2.69 | 16.1 | 2.31 | 2.03 | 2.30 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 50.21 | 49.07 | 48.58 | 12.5 | 43.22 | 48.90 | 93.64 |
| Natural Gas ($/mmbtu, LA, WSJ) | 3.09 | 2.95 | 2.88 | 0.5 | 2.49 | 2.62 | 4.37 |
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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