Crude oil price changed direction and slightly increased during the previous week. The U.S stockpiles slightly fell according to the latest EIA report. The difference between Brent and WTI has shrunk again to a range between $18 and $20 during last week. WTI oil rose by 1.4% during the week; Brent oil, 0.41%. As a result, the gap between Brent and WTI reached $18.92/b on Friday.
Here is a short analysis for the rate changes in oil prices (Brent and WTI) between March 4th and March 8th and a summary of the latest EIA review on petroleum and oil stockpiles:
Oil Market – Weekly Summary
NYMEX Oil Future (WTI) rose during last week by 1.4%; its weekly average rate decreased by 1.38%; it reached average $90.98 per barrel, compared with last week’s $92.25 per barrel. The average daily percent shifts of oil price (WTI) was 0.28%.
NYMEX Oil Future (short term delivery) reached $91.95/b by Friday, March 8th.
Europe Brent oil also slightly increased during the week by 0.41%, but the average price decreased by 1.08% compared with last week’s average.
The gap between Brent and WTI was at the range between $18 and $20 during the week; its average premium reached $19.98; it finished the week at $18.90.
In the following charts (for the week ending on March 8th) are the daily changes in NYMEX WTI future (short term delivery) and Brent oil:
The first chart presents the changes of WTI and Brent oil during last week: WTI oil and Brent oil slightly increased during the week.
For the week ending on March 1st, U.S. Petroleum and crude oil stockpiles declined again by 2.42 million barrels and reached 1,782.3 million barrels. The current oil stockpiles are still higher than the quota from year: the current crude oil stockpiles are 28.3 million barrels above oil stockpiles for the same week in 2012.
Conversely, U.S. Ending Stocks of crude oil increased again by 3.8 million barrels and reached 1,077.3 million barrels. The U.S. Ending Stocks of Total Gasoline declined by 0.27% compared with last week’s stocks; it reached 227.9 million barrels.
During recent years the lagged linear correlation between WTI oil price and current oil stockpiles reached -0.2. This mid-weak correlation implies, assuming all things being equal, the rates of oil may rise again next week.
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