Crude oil prices didn’t do much during the first four days of the week only to hike on Friday on account of the recent EU Summit. . The EU leaders decided that struggling EU banks (including in Spain) will be bailed out by the EU rescue fund and so that countries won’t have to raise debt to bail their respective struggling banks. This news pulled up the Euro along with commodities rates including oil. Before Friday the U.S housing reports including new home sales and pending home sales came out positive; new orders of core durable goods also increased in May. But these reports didn’t pull up oil prices.
The oil stockpiles rose again during the previous week by 2.6 M bl.
By the end of last week, WTI oil rose by 7.06% and Brent by 7.34%; as a result, the difference between Brent and WTI reached $12.04/b on Friday.
Here is a short review for the price changes in oil (Brent and WTI) between June 25th and June 29th and a summary of the recent EIA petroleum and crude oil stockpiles weekly update:
Oil Market – Weekly Summary
WTI oil price (spot) rose during last week by 7.06%; its weekly average price decreased by 1.25% to $80.25 per barrel, compared with last week’s $81.26 per barrel. The average daily percent change of oil price (WTI) was 1.46%.
NYMEX Oil Future (short term delivery) also hiked by 6.52% during the week, and reached $84.96/b by Friday, June 29th.
Europe Brent oil spiked as well during the week by 7.34% and the average price increased by 0.43% compared with previous week’s average.
The difference between Brent and WTI spot widen during the week as it ranged between $11 and $13; its average premium reached $12.63.; it finished the week at $12.04.
In the following charts (for the week ending on June 29th) are the daily changes in WTI spot oil, NYMEX Future (short term delivery) and Brent oil:
The first chart shows the movement of WTI and Brent oil during last week: WTI and Brent oil didn’t do much at the first four days of the week only the hike on Friday.
According to the recent EIA report on the U.S Petroleum and oil market, for the week ending on June 22nd, U.S. Petroleum stockpiles rose by 2.6 million bl and reached 1,798.094 million barrels.
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