Global| Oct 08 2019U.S. Gasoline Prices Little Changed; Oil and Nat Gas Prices Fall
by:Sandy Batten
|in:Economy in Brief
Summary
In the week ended October 7, the U.S. pump price for gasoline edged up to $2.65 per gallon (-8.9% y/y) from $2.64 the previous week. This price has been relatively stable for the past three weeks. Haver Analytics adjusts these price [...]
In the week ended October 7, the U.S. pump price for gasoline edged up to $2.65 per gallon (-8.9% y/y) from $2.64 the previous week. This price has been relatively stable for the past three weeks. Haver Analytics adjusts these price figures for seasonal variation. The seasonally adjusted price was unchanged at $2.54 per gallon.
In the week ended October 4, the price of West Texas Intermediate crude oil fell to $53.12 per barrel (-29.3% y/y) from $56.95 per barrel in the previous week. This was the second consecutive significant weekly decline and the lowest weekly price since mid-June after the price had spiked up in the week of September 13 following an attack on some key Saudi Arabian production facilities. Yesterday, the price was $52.75 per barrel. The price of Brent crude oil fell to $58.35 per barrel (-31.3% y/y) from $62.92 the previous week. Yesterday, the price was also $58.35.
The price of natural gas fell sharply to $2.33 per mmbtu (-27.9% y/y) in the week ended October 4 from $2.52 per mmbtu in the previous week. This was the third consecutive weekly decline though the price remained above the recent low of $2.11 averaged in the second week of August. Yesterday the price edged up to $2.36.
For the four weeks ending September 27, U.S. gasoline demand slipped 0.1% y/y while total petroleum product demand increased 2.1% y/y. U.S. gasoline inventories fell 2.2% y/y while inventories of all petroleum products increased 1.7% y/y. Crude oil input to U.S. refineries fell 2.4% y/y.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. More detail on prices, demand, production and inventories, including regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 10/7/19 | 9/30/19 | 9/23/19 | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price, End of Period) | 2.65 | 2.64 | 2.65 | -8.9 | 2.27 | 2.47 | 2.31 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 53.12 | 56.95 | 59.30 | -29.3 | 64.95 | 50.87 | 43.22 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.33 | 2.52 | 2.63 | -27.9 | 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.
