Global| Jan 28 2020U.S. Energy Prices Fall Again
by:Sandy Batten
|in:Economy in Brief
Summary
Retail gasoline prices fell to $2.51 per gallon (+11.1% y/y) in the week ended January 27 from $2.54 per gallon in the previous week. This was the third consecutive weekly decline and the lowest price since the week ended March 11, [...]
Retail gasoline prices fell to $2.51 per gallon (+11.1% y/y) in the week ended January 27 from $2.54 per gallon in the previous week. This was the third consecutive weekly decline and the lowest price since the week ended March 11, 2019. Haver Analytics adjusts prices for seasonal variation. The seasonally adjusted gasoline price eased to $2.73 per gallon from $2.76 in the previous week, but remained well above the recent low of $2.41 in early 2019.
In the week ended January 24, the West Texas Intermediate crude oil price fell to $56.19 per barrel (+6.1% y/y) from $58.28 per barrel in the previous week. It was the third consecutive weekly decline and the lowest price since early November 2019. Yesterday, the price fell further to $53.14, its lowest since last October. The WTI price has fallen more than 16% in the past three weeks. The price of Brent crude oil eased to an average of $63.16 per barrel (+2.5% y/y) from $64.48 per barrel in the previous week. The price declined to $59.21 yesterday.
The weekly average price of natural gas fell sharply to $1.93/mmbtu (-39.5% y/y) in the week ended January 24 from $2.06/mmbtu in the previous week. This is the lowest price since the week ended May 27, 2016. The price rose to $2.03/mmbtu yesterday.
In the four-weeks ending January 17, gasoline demand declined 1.4% y/y, while total petroleum product demand fell 1.6% y/y. Gasoline inventories edged up 0.2% y/y and inventories of all petroleum products increased 0.7% y/y. Crude oil input to refineries fell 2.3% y/y in the past four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 01/27/20 | 01/20/20 | 01/13/20 | Y/Y % | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.51 | 2.54 | 2.57 | 11.1 | 2.57 | 2.27 | 2.47 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 56.19 | 58.28 | 60.83 | 6.1 | 56.91 | 64.95 | 50.87 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 1.93 | 2.06 | 2.10 | -39.5 | 2.57 | 3.18 | 2.99 |
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.
