Global| Aug 22 2017U.S. Gasoline Prices Change Little; Crude Oil Costs Ease Further
Summary
Regular gasoline prices edged down 2 cents in the week ended August 21 to $2.36 per gallon (7.6% y/y), remaining below the recent high of $2.45 per gallon in late-April. Haver Analytics constructs factors adjusting for the seasonal [...]
Regular gasoline prices edged down 2 cents in the week ended August 21 to $2.36 per gallon (7.6% y/y), remaining below the recent high of $2.45 per gallon in late-April. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The seasonally adjusted gasoline price slipped to $2.20 per gallon, thus well down from a high of $2.71 in early-January.
WTI crude oil prices dropped to $47.51 per barrel last week (up just 0.7% y/y) and remained down from $53.18 in early-April. Prices were down further to $47.35 yesterday. Brent crude oil prices eased to $51.11 per barrel last week, then firmed to $51.64 per barrel yesterday.
Natural gas prices improved to $2.91/mmbtu last week (7.9% y/y) and were $2.94 yesterday.
In the week ended August 11, gasoline demand was down 2.5% y/y, while total petroleum product demand was up 1.6% y/y. Gasoline inventories fell 0.7% y/y, while inventories of all petroleum products declined 3.6% y/y. Crude oil input to refineries increased 4.4% y/y in the last four weeks.
The energy price data are reported by the U.S. Department of Energy. The petroleum demand and inventory figures are from the Oil & Gas Journal Weekly. These data can be found in Haver's WEEKLY database. The daily figures are in DAILY and greater detail on prices, demand and production, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 08/21/17 | 08/14/17 | 08/07/17 | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 2.36 | 2.38 | 2.38 | 7.6 | 2.31 | 2.03 | 2.30 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 47.51 | 49.10 | 49.52 | 0.7 | 43.22 | 48.90 | 93.64 |
| Natural Gas ($/mmbtu, LA, WSJ) | 2.91 | 2.83 | 2.78 | 7.9 | 2.49 | 2.62 | 4.37 |
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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