Crude oil prices started the week with very sharp falls that changed to gains throughout the rest of the week. Further, the premium of Brent over WTI also expanded. The news of the decline in new home sales and pending home sales didn’t seem to affect the oil market. Even the modest growth in U.S GDP for Q2 didn’t seem hold back the recovery of oil prices during most of the week
The oil stockpiles increased again during the previous week by 10.1 M bl.
By the end of last week, WTI oil decreased by 1.43% while Brent rose by 0.55%; as a result, the gap between Brent and WTI reached $17.79/b on Friday.
Here is a short review for the price changes in oil (Brent and WTI) between July 23rd and July 27th and a summary of the recent EIA report on petroleum and oil stockpiles:
Oil Market – Weekly Summary
WTI oil price (spot) declined during last week by 1.43%; its weekly average price also decreased by 1.58% to $88.9 per barrel, compared with last week’s $90.32 per barrel. The average daily percent change of oil price (WTI) was -0.27%.
NYMEX Oil Future (short term delivery) also decreased by 1.85% during the week, and reached $90.13/b by Friday, July 27th.
Europe Brent oil edged up during the week by 0.55% and the average price decreased by 0.63% compared with previous week’s average.
The difference between Brent and WTI spot expanded again during the week as it ranged between $16 and $17; its average premium reached $16.79; it finished the week at $17.79.
In the following charts (for the week ending on July 27th) are the daily shifts in WTI spot oil, NYMEX Future (short term delivery) and Brent oil:
The first chart shows the developments of WTI and Brent oil during last week: WTI and Brent oil had a slight upward trend during the week.
In the second chart are the daily percent changes (i.e. shifts around the trend) of oil prices (WTI spot oil, WTI future, Brent spot):
According to the latest EIA report on the American Petroleum and oil market, for the week ending on July 20th, U.S. Petroleum stockpiles rose by 10.1 million bl and reached 1,808.5 million barrels.
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