Global| Dec 10 2019U.S. Gasoline and Nat Gas Prices Fall While Crude Oil Prices Were Mixed
by:Sandy Batten
|in:Economy in Brief
Summary
In the week ended December 9, retail gasoline prices edged down to $2.56 per gallon (+5.8% y/y) from $2.58 per gallon the previous week. Typically, gasoline prices weaken at this time of year. Haver Analytics adjusts these price [...]
In the week ended December 9, retail gasoline prices edged down to $2.56 per gallon (+5.8% y/y) from $2.58 per gallon the previous week. Typically, gasoline prices weaken at this time of year. Haver Analytics adjusts these price figures for seasonal variation. The seasonally adjusted price was unchanged at $2.69 per gallon. This was the highest price since the week ended May 20.
In the week ended December 6, West Texas Intermediate crude oil prices rose to an average of $57.64 (9.4% y/y) per barrel, with the daily price rising during the week, from an average of $57.33 the previous week. This was the fifth consecutive weekly increase. Yesterday, the price was $59.02. In contrast, Brent crude oil prices declined to an average of $62.12 (+1.1% y/y) per barrel, the first weekly decline in nine weeks, from an average of $63.20 the previous week. However, the daily price rose during the most recent week to stand at $64.16 yesterday.
The weekly average price of natural gas prices declined for the fourth consecutive week to $2.37/mmbtu (-47.2% y/y) in the week ended December 6 from an average of $2.49/mmbtu the previous week. Yesterday, the price fell to further to $2.17/mmbtu yesterday.
In the four-weeks ending November 29, gasoline demand increased 0.8% y/y. Total petroleum product demand also rose, up 0.3% y/y. Gasoline inventories gained 1.4% y/y while inventories of all petroleum products edged up 0.2% y/y. Crude oil input to refineries fell 4.2% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 12/09/19 | 12/02/19 | 11/25/19 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.56 | 2.58 | 2.58 | 5.8 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 57.64 | 57.33 | 57.02 | 9.4 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.37 | 2.49 | 2.58 | -47.2 | 3.18 | 2.99 | 2.51 |
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.
