Crude oil prices moved with an unclear trend during last week as Brent edged down while WTI oil slightly rose. U.S stockpiles rose according to the recent EIA report. The gap between Brent and WTI slightly narrowed to the $20-$22 range during last week. Brent decreased by 3.78% during the week; WTI oil, by 3.35%. As a result, the gap between Brent and WTI reached $21.09/b on Friday.
Here is a short analysis for the price developments in oil prices (Brent and WTI) between December 3rd and December 7th and a summary of the recent EIA review on petroleum and oil stockpiles:
Oil Market – Weekly Summary
NYMEX Oil Future (WTI) declined during last week by 3.35%; its weekly average price slipped by 0.17% to $87.53 per barrel, compared with last week’s $87.68 per barrel. The average daily percent change of oil price (WTI) was -0.68%.
NYMEX Oil Future (short term delivery) reached $85.93/b by Friday, December 7th.
Europe Brent oil declined during the week by 3.78% and the average price fell by 1.57% compared with previous week’s average.
The difference between Brent and WTI slightly narrowed to the range between $20 and $22 during the week; its average premium reached $21.38; it finished the week at $21.09.
Oil Charts
In the following charts (for the week ending on December 7th) are the daily shifts in NYMEX WTI 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 a downward trend during last week.
In the second chart are the daily percent changes (i.e. changes around the trend) of oil prices (WTI and Brent):
Oil Stockpiles –Review:
According to the recent EIA report on the American Petroleum and oil market, for the week ending on November 30th, U.S. Petroleum stockpiles rose by 5.9 million barrels and reached 1,787.5 million barrels.
The complete oil stockpiles review from December 5th.
For further reading: