Global| Feb 26 2019U.S. Energy Prices Up
Summary
Retail gasoline prices edged up to $2.39 per gallon last week (-6.2% year-on-year). Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price rose to $2.57 per [...]
Retail gasoline prices edged up to $2.39 per gallon last week (-6.2% year-on-year). Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally-adjusted price rose to $2.57 per gallon, up from the 14-month low of $2.39 in early January.
West Texas Intermediate crude oil prices increased to an average of $56.82 (-9.0% y/y) per barrel last week. Oil prices hit an 18-month low of $44.55 at the end of last year and have been on a fairly steady rise since then. Still, prices are well below the four-year high of $75.11 reached in early October 2018. Yesterday, prices ticked down to $55.48 per barrel. Brent crude oil prices rose to an average of $66.82 per barrel last week and were $64.63 yesterday.
Natural gas prices rose to an average of $2.72/mmbtu last week (3.8% y/y) from $2.66/mmbtu. Prices were at $2.84/mmbtu yesterday.
In the four-weeks ending February 15, gasoline demand decreased 0.36% y/y, while total petroleum product demand dropped 0.12% y/y. Gasoline inventories were up 3.0% y/y in the week ending February 15, while inventories of all petroleum products grew 2.6% y/y. Crude oil input to refineries declined .35% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 02/25/19 | 02/18/19 | 02/11/19 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.39 | 2.32 | 2.28 | -6.2 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 56.82 | 53.89 | 53.53 | -9.0 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.72 | 2.66 | 2.59 | 3.8 | 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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