Global| Apr 27 2021U.S. Energy Prices Continue to Rise
by:Tom Moeller
|in:Economy in Brief
Summary
• Gasoline prices edge higher. • Crude oil prices improve. • Natural gas prices strengthen. The price of regular gasoline ticked up to $2.87 per gallon (62.0% y/y) in the week ended April 26 from $2.86 per gallon in the prior week. [...]
• Gasoline prices edge higher.
• Crude oil prices improve.
• Natural gas prices strengthen.
The price of regular gasoline ticked up to $2.87 per gallon (62.0% y/y) in the week ended April 26 from $2.86 per gallon in the prior week. The price compared to a low of $2.11 per gallon in November of last year. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price eased to $2.71 per gallon last week from a high of $2.94 per gallon in the third week of March.
The price of West Texas Intermediate crude oil improved to an average of $62.17 per barrel (1,608.0% y/y) in the week ended April 23 after rising to an average of $61.93 in the previous week. The extraordinary 1,608.0% y/y increase is from a base of $3.64 last year, depressed by unwanted inventory related to pandemic shutdowns. The price was $61.91 per barrel yesterday. The average price of Brent crude oil rose to $66.05 per barrel (203.7% y/y) last week from $65.41 per barrel in the previous week. The price was $65.64 per barrel yesterday.
The price of natural gas strengthened to $2.76/mmbtu (49.2% y/y) in the week ended April 23 after rising to $2.59/mmbtu in the previous week. It was the highest price since the first week of March. Yesterday, the price eased to $2.73/mmbtu.
In the four weeks ended April 16, gasoline demand rose 71.4% y/y and demand for all petroleum products increased by 33.0% y/y. Crude oil input to refineries rose 18.5% y/y. Gasoline inventories fell 10.7% y/y while crude oil inventories declined 2.1% y/y. The supply of gasoline in inventory in the week ended April 16 declined to 26.3 days, down from 32.1 days during all of February. The supply of crude oil in inventory eased to 33.0 days from 41.8 days four weeks earlier.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data are in USENERGY.
| Weekly Energy Prices | 04/26/21 | 04/19/21 | 04/12/21 | Y/Y % | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular, Monday) | 2.87 | 2.86 | 2.85 | 62.0 | 2.24 | 2.57 | 2.27 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 62.17 | 61.93 | 59.35 | 1,608.0 | 39.43 | 56.91 | 64.95 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.76 | 2.59 | 2.45 | 49.2 | 2.03 | 2.57 | 3.18 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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