Crude oil prices declined during most of the week until Friday when both WTI and Brent oil prices hiked following the better than expected non-farm payroll report. Further, the premium of Brent over WTI also grew. On the other hand the decisions of the major central banks including FOMC and ECB to keep their respective monetary policy unchanged.
The oil stockpiles changed direction and declined during the previous week by 7.2 M bl. WTI oil increased by 1.41% during the week; Brent, by 1.5%. As a result, the gap between Brent and WTI reached $18.14/b on Friday.
Here is a short analysis for the price changes in oil (Brent and WTI) between July 30th and August 3rd and a summary of the recent EIA report on petroleum and oil stockpiles:
Oil Market – Weekly Summary
WTI oil price (spot) rose during last week by 1.41%; its weekly average price edged up by 0.18% to $89.06 per barrel, compared with last week’s $88.9 per barrel. The average daily percent change of oil price (WTI) was 0.31%.
NYMEX Oil Future (short term delivery) also increased by 1.41% during the week, and reached $89.06/b by Friday, August 3rd.
Europe Brent oil also rose during the week by 1.5% and the average price increased by 1.25% compared with previous week’s average.
The difference between Brent and WTI spot expanded again during the week as it ranged between $17 and $19; its average premium reached $17.95; it finished the week at $18.14.
In the following charts (for the week ending on August 3rd) are the daily changes in WTI spot oil, NYMEX Future (short term delivery) and Brent oil:
The first chart presents the developments of WTI and Brent oil during last week: WTI and Brent oil had had a downward trend during the first few days and then on Friday they both hiked.
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):
Oil Stockpiles –Review:
According to the recent EIA report on the American Petroleum and oil market, for the week ending on July 27th, U.S. Petroleum stockpiles fell by 7.2 million bl and reached 1,801.3 million barrels.
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