Global| Aug 16 2016U.S. Petroleum Prices Firm
by:Tom Moeller
|in:Economy in Brief
Summary
Regular gasoline prices remained steady last week and averaged $2.15 per gallon (-20.9% y/y). Prices were 25 cents lower than early-June, according to the U.S. Department of Energy. Prices were down versus a 2014 high of $3.71 per [...]
Regular gasoline prices remained steady last week and averaged $2.15 per gallon (-20.9% y/y). Prices were 25 cents lower than early-June, according to the U.S. Department of Energy. Prices were down versus a 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices, and the adjusted price was little changed at $2.00 per gallon, nearly the lowest level since mid-March.
WTI crude oil prices increased to $43.11 last week (-0.2% y/y) from $40.83 averaged in the prior week. They remained up from February's daily low of $26.21 per barrel. Yesterday, prices rose further to $45.74 per barrel. Brent crude oil prices increased w/w to $43.63 per barrel and were $47.31 yesterday.
Prices for natural gas declined to $2.74 per mmbtu (-4.7% y/y) last week, then were $2.71 yesterday.
Last week, gasoline demand increased 1.7% y/y, while demand for all petroleum products improved 1.9% y/y. Gasoline inventories rose 9.2% y/y and inventories of all petroleum products increased a diminished 5.7% y/y. Crude oil production (input to refineries) eased 0.6% y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 08/15/16 | 08/08/16 | 08/01/16 | Y/Y % | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.15 | 2.15 | 2.16 | -20.9 | 2.03 | 2.30 | 3.33 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 43.11 | 40.83 | 41.83 | -0.2 | 48.90 | 93.64 | 97.96 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.74 | 2.86 | 2.81 | -4.7 | 2.62 | 4.37 | 3.73 |
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.
