Global| May 28 2014U.S. Gasoline Prices Remain Unchanged; Crude Oil Continues Higher
by:Tom Moeller
|in:Economy in Brief
Summary
The price for a gallon of regular gasoline held at $3.67 last week (0.8% y/y), steady at that level for all of this month. The price remained down from the $3.78 per gallon peak reached in February of last year. To account for [...]
The price for a gallon of regular gasoline held at $3.67 last week (0.8% y/y), steady at that level for all of this month. The price remained down from the $3.78 per gallon peak reached in February of last year. To account for seasonal volatility, Haver Analytics constructs factors for adjustment of pump prices. The adjusted cost of gasoline notched up four cents to $3.46 per gallon, the highest level in four weeks.
The per barrel cost of WTI crude oil increased last week to $103.58 (8.9% y/y), the highest level in five weeks. The seasonally adjusted price of $103.16 per barrel was up sharply from $92.04 just three weeks ago. Yesterday prices improved again to $104.11. Brent crude oil prices gained last week to $110.66 (8.0% y/y) and yesterday were $109.80 per barrel.
Natural gas prices were roughly steady at $4.49 per mmbtu (8.6% y/y) but slipped to $4.43 yesterday. Prices remained at nearly the lowest level in two months.
The demand for all petroleum products improved 1.8% y/y last week. Gasoline demand increased 5.2% y/y. Residual fuel oil needs, used for heating, declined 12.8% y/y while distillate demand improved 7.7% y/y. Inventories of crude oil and petroleum products were off 1.2% y/y and gasoline inventories fell 3.3% y/y.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the petroleum demand and inventory figures are in OILWKLY.
| Weekly Energy Prices | 05/26/14 | 05/19/14 | 05/12/14 | Y/Y% | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon, Regular) | 3.67 | 3.67 | 3.67 | 0.8 | 3.51 | 3.62 | 3.52 |
| Light Sweet Crude Oil, WTI ($ per bbl., WSJ) | 103.58 | 101.92 | 100.29 | 8.9 | 97.95 | 94.20 | 95.14 |
| Natural Gas ($/mmbtu, LA) | 4.49 | 4.43 | 4.73 | 8.6 | 3.73 | 2.75 | 3.99 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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