- Weekly: **Unemployment Initial Claims Data have been revised**
- US: Housing Starts by State and Region (Feb)
- CPB World Trade Monitor (Jan)
- CPB World Trade Monitor (Jan)
- France: Registered Unemployed & Job Vacancies (Feb)
- US: Household Employment for States and Regions (Feb)
- US: Wholesale Trade Revisions, Advance Durable Goods (Feb)
- Manufacturing Survey - Markit US (Flash - Mar), Composite Survey - US (Flash - Mar), Services Survey - US (Flash - Mar)
- more updates...
Economy in Brief
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
by Tom Moeller March 1, 2016
Petroleum prices stabilized last week following steady declines since the June highs. Regular gasoline averaged $1.78 per gallon last week (-27.9% y/y), up from $1.73 and the highest level since early in the month, according to the U.S. Department of Energy. The price compares to a 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices, and the adjusted price eased to $1.81 per gallon.
WTI crude oil costs increased to $32.24 per barrel last week (-34.4% y/y) from $30.02 in the prior week. Yesterday, prices continued to rebound to $33.75 per barrel, the highest level since mid-January. Prices remained well below the peak of $113.93 in April 2011. Brent crude oil prices increased w/w to $34.56 per barrel and rose further to $36.64 yesterday, up from $27.73 in late January.
Prices for natural gas continued to decline last week to $1.78 per mmbtu (-42.2% y/y), and were $1.62 yesterday.
Last week, gasoline demand strengthened 5.2% y/y, but demand for all petroleum products notched just 0.2% higher y/y. Gasoline inventories improved 6.9% y/y, while inventories of all petroleum products gained 8.6% y/y. Crude oil production (input to refineries) increased 1.4% y/y during the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
|Weekly Energy Prices||02/29/16||02/22/16||02/16/16||Y/Y %||2015||2014||2013|
|Retail Gasoline ($ per Gallon, Regular)||1.78||1.73||1.72||-27.9||2.03||2.30||3.33|
|Light Sweet Crude Oil, WTI ($ per bbl., WSJ)||32.24||30.02||28.13||-34.4||48.90||93.64||97.96|
|Natural Gas ($/mmbtu, LA, WSJ)||1.78||1.88||2.14||-42.2||2.62||4.37||3.73|