Global| May 04 2021U.S. Energy Prices Rise Moderately
Summary
• Gasoline prices continue upward. • Crude oil prices also continue to edge higher. • Natural gas prices strengthen. The price of regular gasoline rose 2 cents to $2.89 a gallon (61.5% y/y) in the week ended May 3 from $2.87 per [...]
• Gasoline prices continue upward.
• Crude oil prices also continue to edge higher.
• Natural gas prices strengthen.
The price of regular gasoline rose 2 cents to $2.89 a gallon (61.5% y/y) in the week ended May 3 from $2.87 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 decreased 1 cent to $2.70 per gallon last week; its recent high was $2.94 per gallon in the third week of March.
The price of West Texas Intermediate crude oil rose to an average of $63.50 per barrel (up 306.0% y/y) in the week ended April 30 after rising to an average of $62.18 in the previous week. The price was $64.49 per barrel yesterday. The average price of Brent crude oil rose to $66.80 per barrel (184.9% y/y) last week from $66.05 per barrel in the previous week. The price was $65.64 per barrel yesterday.
The price of natural gas also rose yet again, reaching to $2.88/mmbtu (+68.4% y/y) in the week ended April 30 after increasing to $2.76/mmbtu in the previous week. This latest was the highest price since $12.18 in the week of February 19. Yesterday, the price went up some more to $2.96/mmbtu.
In the four weeks ended April 23, gasoline demand rose 67.5% y/y and demand for all petroleum products increased by 35.5% y/y. Crude oil input to refineries rose 17.7% y/y. Gasoline inventories decreased 9.4% y/y while crude oil inventories declined 3.1% y/y. The supply of gasoline in inventory in the week ended April 23 was unchanged at 26.3 days, compared with 32.1 days during all of February. The supply of crude oil in inventory eased to 32.9 days from an average of 39.7 days during March.
These data are reported by the Energy Information Administration of the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data are in USENERGY.
| Weekly Energy Prices | 05/03/21 | 04/26/21 | 04/19/21 | Y/Y % | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular, Monday) | 2.89 | 2.87 | 2.86 | 61.5 | 2.24 | 2.57 | 2.27 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 63.50 | 62.18 | 61.93 | 306.0 | 39.43 | 56.91 | 64.95 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.88 | 2.76 | 2.59 | 68.4 | 2.03 | 2.57 | 3.18 |
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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