U.S. Energy Prices Firm
by:Tom Moeller
|in:Economy in Brief
Summary
- Gasoline prices are highest in four weeks.
- Crude oil prices rise again.
- Natural gas prices rebound.
Retail gasoline prices increased to $3.30 per gallon (42.2% y/y) in the week ended January 10 after holding steady in the previous week. It was the highest price since the second week of December. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price eased to $3.40 per gallon from $3.41 per gallon in the previous week.
The price of West Texas Intermediate crude oil improved 2.3% (55.0% y/y) to $77.84 per barrel in the first week of January from $76.08 in the prior week. It was the highest price since late-November after falling to $66.90 in the first week of December. Yesterday, the price was $78.23 per barrel. The average price of Brent crude oil rose 2.5% (51.9% y/y) to $80.72 per barrel from $78.73 per barrel in the prior week. The price was $80.62 per barrel yesterday.
The price of natural gas rose 6.7% to $3.80/mmbtu (38.7% y/y) in the week ended January 7 and reversed most of its w/w decline to $3.56/mmbtu in the previous week. The price remained down, nevertheless, from its recent high of $5.87/mmbtu reached in the second week of October. Yesterday, the price increased to $4.16/mmbtu.
In the four weeks ended December 31, gasoline demand rose an improved 15.2% y/y. Demand for all petroleum products grew a greatly improved 14.4% y/y. Crude oil input to refineries rose 10.9% y/y. Gasoline inventories fell 3.4% y/y, while crude oil inventories declined 10.0% y/y.
The supply of gasoline inventories in the week ending December 31 rose to 25.6 days from 24.0 days in the previous week but remained well below the recent high of 32.9 days in the third week of February 2021. The supply of crude oil fell to 26.5 days, the lowest level since late-August.
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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