Global| Nov 11 2014U.S. Petroleum Prices Move Lower
by:Tom Moeller
|in:Economy in Brief
Summary
The price of a gallon of regular gasoline fell to $2.94 per gallon last week (-7.9% y/y) from $2.99 during the prior week. The latest was its least expensive price since November 2010. To account for seasonal patterns, Haver Analytics [...]
The price of a gallon of regular gasoline fell to $2.94 per gallon last week (-7.9% y/y) from $2.99 during the prior week. The latest was its least expensive price since November 2010. To account for seasonal patterns, Haver Analytics constructs factors for adjustment of pump prices. The seasonally adjusted price declined to $3.09 per gallon from $3.11.
WTI crude oil prices fell sharply to an average $78.23 last week (-17.1% y/y) from $81.29 during the prior period. Yesterday prices slipped to $77.40. The seasonally adjusted price generated by Haver fell to $84.29 per barrel last week. Brent crude oil prices declined to $82.98 per barrel (-20.7% y/y) and yesterday fell further to $82.02.
Natural gas prices improved last week to an average $3.82 per mmbtu (10.4% y/y) and rose to $4.16 yesterday.
The demand for all petroleum products rose 2.4% y/y in the week ended October 31 though gasoline demand slipped 0.9% y/y. Inventories of crude oil and petroleum products improved by 0.6% y/y but gasoline inventories declined 3.9% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the petroleum demand and inventory figures are in OILWKLY.
| Weekly Energy Prices | 11/10/14 | 11/03/14 | 10/27/14 | Y/Y% | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.94 | 2.99 | 3.06 | -7.9 | 3.51 | 3.62 | 3.52 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 78.23 | 81.29 | 81.98 | -17.1 | 97.95 | 94.20 | 95.14 |
| Natural Gas ($/mmbtu, LA, WSJ) | 3.82 | 3.63 | 3.62 | 10.4 | 3.73 | 2.75 | 3.99 |
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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