Global| Mar 10 2015U.S. Petroleum Prices Continue to Increase
by:Tom Moeller
|in:Economy in Brief
Summary
Gasoline prices bumped up another 2 cents last week to $2.49 cents per gallon. The rise now totals 44 cents (21.7%) from the low 6 weeks ago. Despite the gains, prices remained well below the $3.70 per gallon peak reached last June. [...]
Gasoline prices bumped up another 2 cents last week to $2.49 cents per gallon. The rise now totals 44 cents (21.7%) from the low 6 weeks ago. Despite the gains, prices remained well below the $3.70 per gallon peak reached last June. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The seasonally adjusted price slipped 1 cent last week to $2.48 per gallon and increased 24 cents (10.7%) from the low, indicating that much of recent pump price rise was to be expected.
For the week ended March 6, WTI crude oil prices improved to an average $50.38 per barrel (-51.1% y/y), up from the low of $45.72. Yesterday, prices were fairly steady at $50.00 per barrel. These prices compare to a June peak of $107.95. The seasonally adjusted price generated by Haver Analytics edged higher to $50.90 per barrel last week, up from the low of 48.99. Brent crude oil prices increased last week to $60.12 per barrel (-44.9% y/y) and were $58.67 yesterday.
Natural gas prices fell to $3.04 (-50.5% y/y) per mmbtu during the week ended March 6. Prices fell back to $2.72 yesterday.
The demand for all petroleum products strengthened 7.7% y/y and gasoline demand increased 4.0% y/y. Inventories of crude oil and petroleum products increased 8.2% y/y and gasoline inventories grew 4.8% y/y.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 03/09/15 | 03/02/15 | 02/23/15 | Y/Y% | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.49 | 2.47 | 2.33 | -29.2 | 3.36 | 3.51 | 3.62 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 50.38 | 49.16 | 51.69 | -51.1 | 93.63 | 97.95 | 94.20 |
| Natural Gas ($/mmbtu, LA, WSJ) | 3.04 | 3.08 | 2.96 | -50.5 | 4.37 | 3.73 | 2.7 |
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
