Global| Nov 24 2009Weekly Gasoline Prices Meander Sideways
by:Tom Moeller
|in:Economy in Brief
Summary
As they have since June, gasoline prices moved sideways last week. The pump price for regular gasoline of $2.64 per gallon was near $2.63 averaged during June. Nevertheless, prices remain up from the December low of $1.61. This week, [...]
As they have since June, gasoline prices moved sideways last week. The pump price for regular gasoline of $2.64 per gallon was near $2.63 averaged during June. Nevertheless, prices remain up from the December low of $1.61. This week, wholesale gasoline prices fell from last week. The figures are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY & DAILY databases.
Notwithstanding the stability of gasoline prices, crude oil prices have moved higher and light sweet crude (WTI) rose to an average $78.36 per barrel last week from $74.89 averaged last month and from the December low of $32.37. Yesterday, the spot market price for light sweet crude oil fell to $76.56 per barrel.
Behind the stabilization in gasoline prices is a leveling of past gains in gasoline demand. Last week, it posted a 1.1% decline versus one year ago versus a 3.9% increase as of last month. Demand for residual fuel oil increased 23.0% y/y while distillate demand fell 10.6% y/y.
Natural gas prices have declined during the last four weeks to an average $3.35 per mmbtu (-49.9% y/y). They remained down by two-thirds from the high reached in early-July of last year of $13.19/mmbtu.
| Weekly Prices | 11/23/09 | 11/16/09 | 11/09/09 | Y/Y | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 2.64 | 2.63 | 2.67 | 39.5% | 3.25 | 2.80 | 2.57 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 78.36 | 78.21 | 79.04 | 49.7% | 100.16 | 72.25 | 66.12 |
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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