Recent Updates

  • China: Manufacturing PMI, Nonmanufacturing PMI, Steel PMI (Jul)
  • Thailand Foreign Trading by SET and Mai (Jul)
  • Thailand: Credit Conditions Survey (Q2)
  • US: Petroleum Supply Monthly, Natural Gas Monthly (May)
  • more updates...

Economy in Brief

U.S. Gasoline Prices Inch Up Further
by Tom Moeller

The pump price for regular gasoline inched up another three cents last week to $2.82 per gallon, up by three-quarters since December of 2008. Yesterday, the spot market price of $2.15 for a gallon of regular gasoline was roughly unchanged from last week's average. The figures are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY & DAILY databases.

The price for a barrel of light sweet crude (WTI) eased slightly last week to $81.46 and remained down slightly from the early-January high of $82.59. Prices have risen from $71.53 early this past December and are more than double the December 2008 low of $32.37. Yesterday, the spot price held roughly steady with last week's average at $81.25.

Demand for gasoline fell 1.0% last week versus one year ago. That decline compared to a 3.9% increase at the beginning of October. The demand for residual fuel oil spiked 16.7% with lower temperatures, however, distillate demand fell 2.3% y/y. Inventories of crude oil and petroleum products slipped again in early-March and were down slightly from one year ago.

U.S. natural gas prices fell further last week to an average $4.22 per mmbtu (+10.4% y/y). Prices reached a high of $6.50 early in January. Nevertheless, prices remained nearly double the September low.

The energy price data can be found in Haver's WEEKLY database while the daily figures are in DAILY. The gasoline demand figures are in OILWKLY.

Weekly Prices 3/22/10 03/15/10 03/08/10 Y/Y 2009 2008 2007
Retail Regular Gasoline ($ per Gallon, Regular) 2.82 2.79 2.75 43.7% 2.35 3.25 2.80
Light Sweet Crude Oil, WTI  ($ per bbl.) 81.46 81.76 80.19 64.7% 61.39 100.16 72.25
large image