- Japan: First Ten Days Trade (Mar), International Trade, Foreign Banks Foreign Banks in Japan (Feb)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts/Statistical Balance Sheet, Foreign Currency Assets, Liabilities, and Currency Flows (Feb); Australia: Flow of Funds (Q4), Job Vacancies (Q1)
- Korea: Building Permits (Feb); Philippines: LFS (Q3)
- US: IIP (Q4)
- more updates...
Economy in Brief
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
by Tom Moeller June 28, 2016
Regular gasoline prices declined to $2.33 per gallon last week (-16.9% y/y), down from $2.40 two weeks ago, according to the U.S. Department of Energy. Nevertheless, prices remained near the highest level since early September. Prices are down, however, 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 declined to $2.16 per gallon, the lowest level in five weeks. Spot market gasoline prices fell w/w to $1.46, down nearly 20 cents from last month's high.
Prices for natural gas continued to strengthen and increased to $2.72 per mmbtu last week (-2.2% y/y) from $2.57, then rose further yesterday to $2.76.
Yesterday, WTI crude oil prices fell to $46.33 per barrel. They remained up, however, versus February's daily low of $26.21 per barrel. During all of last week, WTI crude oil costs rose to $49.05 per barrel (-18.3% y/y) after falling to $47.92 in the prior week. Brent crude oil prices increased w/w to $50.03 per barrel, then were $47.49 yesterday.
Last week, gasoline demand increased 3.9% y/y, while demand for all petroleum products gained 2.1% y/y. Gasoline inventories rose 8.8% y/y and inventories of all petroleum products increased a diminished 5.9% y/y. Crude oil production (input to refineries) eased 0.8% y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
|Weekly Energy Prices||06/27/16||06/20/16||06/13/16||Y/Y %||2015||2014||2013|
|Retail Gasoline ($ per Gallon, Regular)||2.33||2.35||2.40||-16.9||2.03||2.30||3.33|
|Light Sweet Crude Oil, WTI ($ per bbl., WSJ)||49.05||47.92||50.19||-18.3||48.90||93.64||97.96|
|Natural Gas ($/mmbtu, LA, WSJ)||2.72||2.57||2.33||-2.2||2.62||4.37||3.73|