U.S. Energy Prices Are Mixed
by:Tom Moeller
|in:Economy in Brief
Summary
- Gasoline prices increase sharply.
- Crude oil prices ease.
- Natural gas prices fall.
Retail gasoline prices increased to $4.18 gallon in the week ended May 2 (44.7% y/y) after rising to $4.11 per gallon the prior week. Prices set a record $4.32 per gallon in the second week of March. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price rose to $4.25 per gallon, leaving it just short of the record.
The price of West Texas Intermediate crude oil fell to $102.86 per barrel (+62.0% y/y) in the week ended April 29 after rising to $104.04 per barrel in the prior week. These compare to a high of $113.33 averaged in the fourth week of March. Yesterday, the price rose to $105.17 per barrel. The average price of Brent crude oil fell to $105.49 per barrel (+57.6%) from $108.40 the prior week. The price was $107.37 per barrel yesterday.
The price of natural gas fell in the week ended April 29 to $6.81/mmbtu (+136.5% y/y) after rising to $7.10 in the previous week. The price has risen from a low of $1.52/mmbtu averaged in the third week of June 2020. Yesterday, the price strengthened to $7.30/mmbtu.
In the four weeks ended April 22, gasoline demand declined 2.2% y/y. Growth in demand for all petroleum products eased 1.6% y/y. Growth in crude oil input to refineries fell to 5.0% y/y. Gasoline inventories decreased 1.8% y/y while crude oil inventories declined 14.2% y/y.
The supply of gasoline inventories in the week ended April 22 was 26.5 days, down from 30.4 days three months earlier. The supply of crude oil rose to 26.4 days from 26.2 days in the prior week.
These data are reported by the Energy Information Administration of 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 are in USENERGY.
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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