Global| Jan 23 2019U.S. Energy Prices Generally Move Higher
Summary
Retail gasoline prices were unchanged at $2.25 per gallon last week (-12.3% year-on-year). During 2018 prices ranged between the late-May high of $2.96 and the year-end low of $2.27. Haver Analytics constructs factors adjusting for [...]
Retail gasoline prices were unchanged at $2.25 per gallon last week (-12.3% year-on-year). During 2018 prices ranged between the late-May high of $2.96 and the year-end low of $2.27. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price was $2.45 per gallon, up slightly from the 14-month low of $2.39 in early January.
West Texas Intermediate crude oil prices increased to an average of $52.06 (-18.4% y/y) per barrel last week. Prices have steadily increased from the 18-month low of $44.55 reached at the end of last year. Yesterday, prices ticked down to $52.57 per barrel. Brent crude oil prices rose to an average of $60.97 per barrel last week and were $61.38 yesterday.
Natural gas prices jumped to an average of $3.50/mmbtu last week (-15.3% y/y) from $2.89/mmbtu as more seasonal weather returned. Prices declined to $3.16 yesterday.
In the four-weeks ending January 11th, gasoline demand decreased 1.0% y/y, while total petroleum product demand fell 2.1% y/y. Gasoline inventories were up 6.1% y/y in the week ending January 11th, while inventories of all petroleum products rose 2.1% y/y. Crude oil input to refineries increased 1.0% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 01/21/19 | 01/14/19 | 01/07/19 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.25 | 2.25 | 2.24 | -12.3 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 52.06 | 50.85 | 46.70 | -18.4 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 3.50 | 2.89 | 2.92 | -15.3 | 3.18 | 2.99 | 2.51 |
Gerald D. Cohen
AuthorMore in Author Profile »Gerald Cohen provides strategic vision and leadership of the translational economic research and policy initiatives at the Kenan Institute of Private Enterprise.
He has worked in both the public and private sectors focusing on the intersection between financial markets and economic fundamentals. He was a Senior Economist at Haver Analytics from January 2019 to February 2021. During the Obama Administration Gerald was Deputy Assistant Secretary for Macroeconomic Analysis at the U.S. Department of Treasury where he helped formulate and evaluate the impact of policy proposals on the U.S. economy. Prior to Treasury, he co-managed a global macro fund at Ziff Brothers Investments.
Gerald holds a bachelor’s of science from the Massachusetts Institute of Technology and a Ph.D. in Economics from Harvard University and is a contributing author to 30-Second Money as well as a co-author of Political Cycles and the Macroeconomy.
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