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Economy in Brief
Kansas City Fed Manufacturing Index Dips in May But Remains Strong
The Kansas City Fed reported that its manufacturing sector business activity index declined to 23 in May...
U.S. Pending Home Sales Decline Sharply in April
Home buying remains under pressure...
U.S. Unemployment Claims Eased Slightly in the Latest Week
Initial claims for unemployment insurance filed in the week ended May 21 were 210,000 (-52.4% y/y)...
Italian Confidence Makes Small Bounce in May; Is It a Signal or Is It Noise?
Italian business and consumer confidence indexes both are substantially lower in May...
U.S. Durable Goods Orders Increase Modestly in April
Manufacturers' new orders for durable goods increased 0.4% during April (12.2% y/y)...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
State Coincident Indexes in April 2022
State Labor Markets in April 2022
Profits & Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
by Tom Moeller November 3, 2015
Gasoline prices at the pump slipped last week to $2.22 per gallon, off just a penny from the prior week. While prices were down 25.7% y/y, they were 8.8% above the January low of $2.04. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices. The seasonally adjusted price improved to $2.29 per gallon. The spot market gasoline price of $1.30 per gallon was down 43.6% y/y.
Natural gas prices extended their recent decline last week and fell to $2.07 per mmbtu (-43.0% y/y), the lowest price since April 2012. They fell further to $1.92 yesterday.
WTI crude oil costs were little-changed at $45.00 (-44.6% y/y) but remained down from a $107.23 high in June 2014. Prices improved yesterday to $46.14 per barrel. The seasonally adjusted price, generated by Haver Analytics, also held steady w/w at $45.28. Brent crude oil prices improved slightly w/w to $47.15 per barrel and rose further to $47.91 yesterday.
Gasoline demand rose 3.4% y/y last week and demand for all petroleum products gained 1.0% y/y. Gasoline inventories increased 7.6% y/y and inventories of all petroleum products rose 9.5% y/y. Crude oil production (input to refineries) increased 0.9% y/y during the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 11/02/15 | 10/26/15 | 10/19/15 | Y/Y% | 2014 | 2013 | 2012 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon, Regular) | 2.22 | 2.23 | 2.28 | -25.7 | 2.30 | 3.33 | 3.30 |
Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 45.00 | 45.16 | 46.82 | -44.6 | 93.64 | 97.96 | 94.20 |
Natural Gas ($/mmbtu, LA, WSJ) | 2.07 | 2.37 | 2.44 | -43.0 | 4.37 | 3.73 | 2.75 |