Global| Jun 25 2019U.S. Energy Product Prices Mixed in Latest Week
by:Sandy Batten
|in:Economy in Brief
Summary
U.S. retail gasoline prices fell for the seventh consecutive week, edging down to $2.65 (-6.3% y/y) per gallon during the week ended June 24 from $2.67 the previous week. Haver Analytics calculates factors that adjust for the seasonal [...]
U.S. retail gasoline prices fell for the seventh consecutive week, edging down to $2.65 (-6.3% y/y) per gallon during the week ended June 24 from $2.67 the previous week. Haver Analytics calculates factors that adjust for the seasonal variation in gasoline pump prices. The seasonally adjusted price rose slightly to $2.55 per gallon from $2.53, the first weekly increase in seven weeks.
After four consecutive weekly declines, the weekly average price of West Texas Intermediate crude oil rose $2.23 to $54.73 per gallon (-17.4% y/y) in the week ended June 21 from $52.50 in the previous week. Yesterday prices rose further to $57.90 per gallon from $57.43 on Friday. Brent crude oil prices also rose, to an average of $62.94 (-15.7% y/y) last week from $61.50 per barrel in the previous week. Yesterday, the price slipped to $64.89 from $65.19 on Friday.
U.S. natural gas prices declined last week for the fifth consecutive week to $2.40/mmbtu (-18.8% y/y) from $2.41/mmbtu in the previous week. They remained well below the recent high from last November of $4.67/mmbtu. The price rose yesterday to $2.31 from $2.27 on Friday.
In the four-weeks ending June 14, U.S. gasoline demand was up 2.0% y/y, its first yearly increase in five weeks, while total petroleum product demand gained 1.8% y/y. U.S. gasoline inventories slumped 2.8%y/y, but inventories of all petroleum products surged 5.0% y/y. Crude oil input to U.S. refineries eased 2.4% y/y.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, including regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 6/24/2019 | 6/17/2019 | 6/10/2019 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.65 | 2.67 | 2.73 | -6.3 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 54.73 | 52.50 | 52.97 | -17.4 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.40 | 2.41 | 2.45 | -18.8 | 3.15 | 2.96 | 2.49 |
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.
