Global| Dec 24 2013U.S. Petroleum Prices Improve
by:Tom Moeller
|in:Economy in Brief
Summary
The price for a gallon of regular gasoline prices recovered to $3.27 (0.4% y/y) last week but remained down versus the $3.78 per gallon peak reached late in February. Much of the decline versus last year reflects less driving this [...]
The price for a gallon of regular gasoline prices recovered to $3.27 (0.4% y/y) last week but remained down versus the $3.78 per gallon peak reached late in February. Much of the decline versus last year reflects less driving this time of year. Haver Analytics constructs seasonal factors to account for this seasonal volatility. The adjusted price rose last week to $3.64 per gallon, its highest level since mid-March.
The per barrel cost of WTI crude oil improved to $98.01 (10.5% y/y) last week, the highest level since late October. Prices, nevertheless, remained down sharply from the $108.67 high in early September. Yesterday, prices improved further to $98.91. Brent crude oil prices rose last week to $110.11 per barrel, unchanged y/y, and yesterday were $111.36 per barrel.
The recent rise in natural gas prices eased last week with a slip to $4.27 per mmbtu, still up 29.1% versus last year. Yesterday, prices resumed their uptrend with a rise to $4.51.
The demand for all petroleum products increased 4.0% y/y last week. Gasoline demand gained 3.7% y/y last week. Residual fuel oil needs, used for heating, fell 14.9% y/y but distillate demand was roughly steady y/y. Inventories of crude oil and petroleum products fell 1.3% y/y but gasoline inventories ticked up 0.5% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the petroleum demand and inventory figures are in OILWKLY.
| Weekly Energy Prices | 12/23/13 | 12/16/13 | 12/09/13 | Y/Y% | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 3.27 | 3.24 | 3.27 | 0.4 | 3.62 | 3.52 | 2.78 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 98.01 | 97.23 | 96.30 | 10.5 | 94.20 | 95.14 | 79.51 |
| Natural Gas ($/mmbtu, LA) | 4.27 | 4.31 | 3.94 | 29.2 | 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.
More Economy in Brief
