Global| Feb 23 2016U.S. Petroleum Prices Stabilize
by:Tom Moeller
|in:Economy in Brief
Summary
The $1.73 average pump price (-25.8% y/y) for a gallon of regular gasoline last week was little changed from $1.72 in the prior week, according to the U.S. Department of Energy. The price compares to a 2014 high of $3.71 per gallon. [...]
The $1.73 average pump price (-25.8% y/y) for a gallon of regular gasoline last week was little changed from $1.72 in the prior week, according to the U.S. Department of Energy. The price compares to a 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices, and the adjusted price fell to $1.82 per gallon. The spot market gasoline price improved to $0.99 per gallon (-37.1% y/y) as of last week, up 10 cents from a week earlier.
WTI crude oil costs notched higher w/w to $30.03 per barrel last week (-41.9% y/y). Yesterday's price of $31.48 was the highest since earlier in the month, but still well below the peak of $113.93 in April 2011. Brent crude oil prices increased w/w to $33.66 per barrel and rose further to $34.59 yesterday, up from $27.73 in late January.
Prices for natural gas continued to decline last week to $1.88 per mmbtu (-36.5% y/y), and were $1.84 yesterday.
Last week, gasoline demand strengthened 3.0% y/y, but demand for all petroleum products eased 0.2% y/y. Gasoline inventories improved 6.4% y/y, while inventories of all petroleum products gained 9.0% y/y. Crude oil production (input to refineries) increased 1.3% y/y during the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 02/22/16 | 02/16/16 | 02/08/16 | Y/Y % | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 1.73 | 1.72 | 1.76 | -25.8 | 2.03 | 2.30 | 3.33 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 30.03 | 28.13 | 31.28 | -41.9 | 48.90 | 93.64 | 97.96 |
| Natural Gas ($/mmbtu, LA, WSJ) | 1.88 | 2.14 | 2.08 | -36.5 | 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.
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