Global| Mar 23 2021U.S. Energy Gasoline Prices Rose Further; Oil and Nat Gas Edged Down
by:Sandy Batten
|in:Economy in Brief
Summary
• Gasoline prices continued their rise, posting highest price since April 2019. • Crude oil prices edged down for second week in past three. • Natural gas prices fell for fourth consecutive week. The price of regular gasoline [...]
• Gasoline prices continued their rise, posting highest price since April 2019.
• Crude oil prices edged down for second week in past three.
• Natural gas prices fell for fourth consecutive week.
The price of regular gasoline increased 0.4% w/w to $2.87 per gallon (35.1% y/y) in the week ended March 22, its highest level since April 2019, from $2.85 per gallon in the previous week. The price has increased from a low of $2.11 per gallon in November of last year. This was the seventeenth consecutive weekly rise. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price slipped to $2.90 per gallon last week from $2.94 per gallon in the previous week.
The price of West Texas Intermediate crude oil fell last week to an average of $63.24 per barrel in the week ended March 19 from an average of $65.02 per barrel in the previous week. WTI prices have soared 161% from a year ago. The price was $61.55 per barrel yesterday. The average price of Brent crude oil declined to $66.40 per barrel (+136.4% y/y) last week from $68.43 per barrel in the previous week. The price was $64.34 per barrel yesterday.
The price of natural gas fell for the fourth consecutive week to $2.53/mmbtu (+41.3% y/y) in the week ended March 19 from $2.65/mmbtu in the previous week. Yesterday, the price rose to $2.55/mmbtu.
In the four weeks ended March 12, gasoline demand fell 13.0% y/y and demand for all petroleum products declined 11.1% y/y. Crude oil input to refineries fell 24.3% y/y. Gasoline inventories fell 3.6% y/y while crude oil inventories rose 1.7% y/y. The supply of gasoline in inventory in the week ended March 12 was 28.5 days, the lowest since the end of November.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data are in USENERGY.
| Weekly Energy Prices | 03/22/21 | 03/15/21 | 03/08/21 | Y/Y % | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular, Monday) | 2.87 | 2.85 | 2.77 | 35.1 | 2.24 | 2.57 | 2.27 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 63.24 | 65.02 | 62.29 | 161.3 | 39.43 | 56.91 | 64.95 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.53 | 2.65 | 2.79 | 41.3 | 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
