- 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 August 9, 2016
Regular gasoline prices averaged $2.15 per gallon last week (-18.2% y/y), down a penny from the week earlier. Prices were 25 cents lower than early last month, according to the U.S. Department of Energy. Prices were 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 was little-changed at $2.02 per gallon, nearly the lowest level since mid-March.
WTI crude oil prices declined $40.82 last week (-9.2% y/y) from $41.83 averaged in the prior week. They remained up, however, from February's daily low of $26.21 per barrel. Yesterday, prices nudged higher to $43.02 per barrel. Brent crude oil prices declined w/w to $40.88 per barrel and were $43.24 yesterday.
Prices for natural gas strengthened to $2.86 per mmbtu (2.1% y/y) last week, then were $2.83 yesterday.
Last week, gasoline demand increased 2.2% y/y, while demand for all petroleum products edged 0.6% higher y/y. Gasoline inventories rose 9.9% y/y and inventories of all petroleum products increased a diminished 5.9% y/y. Crude oil production (input to refineries) eased 0.6% y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
|Weekly Energy Prices||08/08/16||08/01/16||07/25/16||Y/Y %||2015||2014||2013|
|Retail Gasoline ($ per Gallon, Regular)||2.15||2.16||2.18||-18.2||2.03||2.30||3.33|
|Light Sweet Crude Oil, WTI ($ per bbl., WSJ)||40.82||41.83||44.59||-9.2||48.90||93.64||97.96|
|Natural Gas ($/mmbtu, LA, WSJ)||2.86||2.81||2.76||2.1||2.62||4.37||3.73|