Global| Jan 29 2019U.S. Petroleum Prices Rise
by:Tom Moeller
|in:Economy in Brief
Summary
Retail gasoline prices of $2.26 per gallon last week (-13.5% y/y) were improved by one penny versus the prior week and have risen slightly for three straight weeks. Haver Analytics constructs factors adjusting for the seasonal [...]
Retail gasoline prices of $2.26 per gallon last week (-13.5% y/y) were improved by one penny versus the prior week and have risen slightly for three straight weeks. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price was $2.46 per gallon, up slightly from the 14-month low of $2.39 in early January.
West Texas Intermediate crude oil prices rose to an average of $52.77 (-18.9% y/y) per barrel last week from $52.02 during the prior week. Prices have steadily increased from the 18-month low of $44.55 reached at the end of last year. Yesterday, prices ticked down to $51.99 per barrel. Brent crude oil prices rose to an average of $61.60 per barrel last week and were $59.91 yesterday.
Natural gas prices eased to $3.24/mmbtu last week (-5.5% y/y) following the prior week's strengthening to $3.50/mmbtu with colder temperatures. Prices declined to $3.05 yesterday.
In the four-weeks ending January 18, gasoline demand was little changed y/y, while total petroleum product demand fell 1.1% y/y. Gasoline inventories rose 6.4% y/y, while inventories of all petroleum products rose 2.6% y/y. Crude oil input to refineries increased 1.9% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 01/28/19 | 01/21/19 | 01/14/19 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.26 | 2.25 | 2.25 | -13.5 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 52.77 | 52.02 | 50.85 | -18.9 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 3.24 | 3.50 | 2.89 | -5.5 | 3.18 | 2.99 | 2.51 |
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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