- Korea: GDP (Q4); Thailand Auto Sales (Feb)
- Turkey: Capacity Utilization, Business Tendency survey (Mar); South Africa: Tourism & Migration (Jan), Manufacturing Survey (Q1)
- Croatia: Tourism (Jan); Montenegro: Foreign Trade (Feb); Czech Republic: CPI by COICOP (Feb), Registered Employment (Q4); Kazakhstan: Loans & Deposits (Feb); Slovenia: Business Cycle Indicators (Mar); Russia: Employment by Industry (Q4);
- more updates...
Economy in Brief
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
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)...
by Tom Moeller June 1, 2016
The busiest driving season has given rise to further strength in gasoline prices. Regular gasoline prices increased to $2.34 per gallon during Memorial Day week (-15.9% y/y) following the prior week's jump to $2.30, according to the U.S. Department of Energy. Prices have risen by one-third since mid-February and were at the highest level since the last week of September. Prices remained down versus a 2014 high of $3.71 per gallon. Haver Analytics constructs factors adjusting for the seasonal variation in pump prices, and the adjusted price increased to $2.17 per gallon. Spot market gasoline prices increased to $1.64 and remained up from a low of $0.89 in early February.
WTI crude oil costs strengthened to $48.91 per barrel last week (-15.9% y/y) after rising to $48.01 in the prior week. Yesterday, prices firmed to $49.10 per barrel, up 87% from the February's daily low of $26.21 per barrel. Brent crude oil prices increased w/w to $48.73 per barrel, then rose to $49.26 yesterday.
Prices for natural gas declined to $1.83 per mmbtu last week (-33.6% y/y), then recovered to $1.95 yesterday.
Last week, gasoline demand increased 3.9% y/y, while demand for all petroleum products gained 3.0% y/y. Gasoline inventories rose 8.8% y/y and inventories of all petroleum products increased 6.5% y/y. Crude oil production (input to refineries) was little changed y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
|Weekly Energy Prices||05/30/16||05/23/16||05/16/16||Y/Y %||2015||2014||2013|
|Retail Gasoline ($ per Gallon, Regular)||2.34||2.30||2.24||-15.9||2.03||2.30||3.33|
|Light Sweet Crude Oil, WTI ($ per bbl., WSJ)||48.91||48.01||45.46||-15.9||48.90||93.64||97.96|
|Natural Gas ($/mmbtu, LA, WSJ)||1.83||1.88||1.99||-33.6||2.62||4.37||3.73|