Recent Updates
- US: Consumer Sentiment (Aug-prelim), Import/Export Prices (Jul)
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Economy in Brief
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Sandy Batten July 31, 2018
Retail gasoline prices edged up to $2.85 per gallon in the last week of July from $2.83 the previous week. Compared with a year ago, retail gasoline prices are up 21.0% but have been relatively flat over the past month. Gasoline prices exhibit marked seasonal patterns. Haver Analytics estimates factors to adjust for this seasonal variation. The seasonally-adjusted gasoline price was $2.78 per gallon at the end of July, up from $2.76 a week earlier and $2.72 at the end of June.
West Texas Intermediate crude oil prices fell slightly to $68.80 per barrel at the end of July from $68.96 the previous week and were up 42.4% from a year ago. WTI prices generally fell during July from $71.79 at the end of June. Brent crude oil prices also generally declined during July to $73.80 per barrel at the end of July from $76.98 at the end of June.
Natural gas prices were little changed in the last week of July, edging up $2.75/mmbtu from $2.74 the previous week. However, for the entire month, prices eased from $2.95 at the end of June. The price at the end of July was 6.3% lower than a year earlier.
In the four-weeks ending July 20, gasoline demand eased 0.5% y/y; total petroleum product demand fell 0.6% y/y. Gasoline inventories rebuilt in July, rising 1.4% y/y, while inventories of all petroleum products fell 6.9% y/y. Crude oil input to refineries rose 1.5% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
Weekly Energy Prices | 07/30/18 | 07/23/18 | 07/16/18 | Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.85 | 2.83 | 2.87 | 21.0 | 2.47 | 2.31 | 2.03 |
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 68.80 | 68.96 | 71.94 | 42.4 | 50.87 | 43.22 | 48.90 |
Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.75 | 2.74 | 2.84 | -6.3 | 2.96 | 2.49 | 2.62 |