Global| May 12 2020U.S. Petroleum Prices Move Higher
by:Tom Moeller
|in:Economy in Brief
Summary
• Gasoline prices recoup earlier declines. • Crude oil costs reach four-week high. • Natural gas prices strengthen. Retail gasoline prices increased to $1.85 per gallon (-35.4% y/y) in the week ended May 11 from $1.79 per gallon in [...]
• Gasoline prices recoup earlier declines.
• Crude oil costs reach four-week high.
• Natural gas prices strengthen.
Retail gasoline prices increased to $1.85 per gallon (-35.4% y/y) in the week ended May 11 from $1.79 per gallon in the previous week. It was the highest price since early last month. Haver Analytics adjusts the gasoline price series for regular seasonal variation. The seasonally adjusted price rose to $1.74 per gallon, the highest in four weeks.
The spot price of West Texas Intermediate crude oil rose to $23.46 per barrel (-62.1% y/y) in the week ended May 8. Yesterday, the price was $24.14 per barrel. This was down from the recent weekly high of $75.11 in early-October 2018. The price of Brent crude oil rose to $23.57 per barrel, its highest price since late-March. Yesterday, the price was $29.79.
The average price of natural gas increased to $1.84/mmbtu (-29.2% y/y) in the week ended May 8 from $1.71/mmbtu the previous week. The price of natural gas remained down from $4.67/mmbtu late in November 2018. Yesterday, the price fell to $1.70.
In the four weeks ending May 1, gasoline demand plummeted 39.6% y/y, while total petroleum product demand fell 27.0% y/y. Crude oil input to refineries declined 22.4% y/y in the past four weeks. At the same time, gasoline inventories rose 13.4% y/y and inventories of all petroleum products increased 7.2% y/y.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 05/11/20 | 05/04/20 | 04/27/20 | Y/Y % | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 1.85 | 1.79 | 1.77 | -35.4 | 2.57 | 2.27 | 2.47 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 23.46 | 15.64 | 3.64 | -62.1 | 56.91 | 64.95 | 50.87 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 1.84 | 1.71 | 1.85 | -29.2 | 2.57 | 3.18 | 2.99 |
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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