U.S. Energy Product Prices Are Little-Changed
by:Tom Moeller
|in:Economy in Brief
Summary
- Gasoline prices slip.
- Crude oil prices ease.
- Natural gas prices improve.
Retail gasoline prices fell to $3.30 per gallon (+48.2% y/y) in the week ended December 20 after declining to $3.32 per gallon in the previous week. Prices were at the lowest level since the second week of October. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price rose to $3.56 per gallon. Typically, gasoline prices decline this time of year.
The price of West Texas Intermediate crude oil edged 0.2% lower w/w (+48.4% y/y) to $71.17 per barrel in the week ended December 17 from $71.31 per barrel in the previous week. Yesterday, the price declined to $68.23 per barrel. The average price of Brent crude oil eased 1.1% w/w (+44.6% y/y) to $73.94 per barrel last week from $74.80 per barrel in the prior week. The price was $71.76 per barrel yesterday.
Natural gas prices rose 3.3% w/w to $3.79/mmbtu (+40.4% y/y) in the week ended December 17 after declining to $3.67/mmbtu in the prior week. Prices remained down from the $5.87/mmbtu high in the second week of October. Yesterday, the price improved to $3.91/mmbtu.
In the four weeks ended December 10, gasoline demand increased 15.4% y/y, up from 6.4% y/y growth early in October. Demand for all petroleum products rose an improved 12.6% y/y in the latest week. Crude oil input to refineries rose 10.2% y/y. Gasoline inventories fell 8.5% y/y, while crude oil inventories declined 9.8% y/y.
The supply of gasoline inventories in the week ending December 10 of 23.9 days remained down sharply from the recent high of 32.9 days in the third week of February. The supply of crude oil fell to 27.3 days, the lowest level in seven weeks. It stood well below the recent high of 41.8 days in the second week of March.
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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