Global| Jan 12 2021Energy Prices Continue to Climb
by:Sandy Batten
|in:Economy in Brief
Summary
• Gasoline prices rise to highest since early March 2020. • Crude oil prices increase to highest since late February 2020. • Natural gas prices jump up to eight-week high. The price of regular gasoline rose to $2.32 per gallon (-9.8% [...]
• Gasoline prices rise to highest since early March 2020.
• Crude oil prices increase to highest since late February 2020.
• Natural gas prices jump up to eight-week high.
The price of regular gasoline rose to $2.32 per gallon (-9.8% y/y) in the week ended January 11 from $2.25 per gallon in the previous week. It was the highest price since early March 2020. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price rose to $2.50 per gallon last week, also its highest level since early March, from $2.42 the previous week.
West Texas Intermediate crude oil prices rose to an average of $50.25 per barrel (-17.4% y/y) in the week ended January 8, its highest reading since late February 2020, from $48.07 in the previous week. The price rose further to $52.25 yesterday. The average price of Brent crude oil increased to $53.14 (-20.2% y/y) last week from $51.34 per barrel in the previous week. The price was $55.51 yesterday.
The price of natural gas jumped to $2.74/mmbtu (+31.1% y/y) in the week ended January 8 from $2.38/mmbtu in the previous week. Prices remained elevated versus $1.52/mmbtu in the third week of June. The price slipped to $2.71/mmbtu yesterday.
In the four weeks ended January 1, gasoline demand declined 11.9% y/y. Total petroleum product demand fell 9.3% y/y. Crude oil input to refineries fell 16.0% y/y. Gasoline inventories fell 4.2% y/y while inventories of all petroleum products rose 3.7% y/y. The supply of gasoline in inventory in the week ended January 1 was 30.6 days, up from a recent low of 26.4 days in mid-October.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data are in USENERGY.
| Weekly Energy Prices | 01/11/21 | 01/04/21 | 12/28/20 | Y/Y % | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular, Monday) | 2.32 | 2.25 | 2.24 | -9.8 | 2.24 | 2.57 | 2.27 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 50.25 | 48.07 | 47.79 | -17.4 | 39.43 | 56.91 | 64.95 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.74 | 2.38 | 2.72 | 31.1 | 2.03 | 2.57 | 3.18 |
Sandy Batten
AuthorMore in Author Profile »Sandy Batten has more than 30 years of experience analyzing industrial economies and financial markets and a wide range of experience across the financial services sector, government, and academia. Before joining Haver Analytics, Sandy was a Vice President and Senior Economist at Citibank; Senior Credit Market Analyst at CDC Investment Management, Managing Director at Bear Stearns, and Executive Director at JPMorgan. In 2008, Sandy was named the most accurate US forecaster by the National Association for Business Economics. He is a member of the New York Forecasters Club, NABE, and the American Economic Association. Prior to his time in the financial services sector, Sandy was a Research Officer at the Federal Reserve Bank of St. Louis, Senior Staff Economist on the President’s Council of Economic Advisors, Deputy Assistant Secretary for Economic Policy at the US Treasury, and Economist at the International Monetary Fund. Sandy has taught economics at St. Louis University, Denison University, and Muskingun College. He has published numerous peer-reviewed articles in a wide range of academic publications. He has a B.A. in economics from the University of Richmond and a M.A. and Ph.D. in economics from The Ohio State University.
More Economy in Brief
