Crude oil prices shifted with an unclear trend during the week. The low volatility in the oil market was also the case for other commodities such as gold and in the forex markets. The difference between Brent and WTI remained at its $22-$23 range during last week. WTI oil rose by 0.64% during the week; Brent slipped by 0.41%. As a result, the gap between Brent and WTI reached $22.33/b on Friday.
Here is a short analysis for the price shifts in oil prices (Brent and WTI) between November 12th and November 16th and a summary of the latest EIA review on petroleum and oil stockpiles:
Oil Market – Weekly Summary
NYMEX Oil Future rose during last week by 0.64%; its weekly average price edged down by 0.14% to $85.87 per barrel, compared with last week’s $85.99 per barrel. The average daily percent change of oil price (WTI) was 0.13%.
NYMEX Oil Future (short term delivery) reached $86.62/b by Friday, November 16th.
Europe Brent oil decreased during the week by 0.41%, but the average price rose by 0.29% compared with previous week’s average.
The difference between Brent and WTI remained in range during the week; the gap ranged between $22 and $23; its average premium reached $22.91; it finished the week at $22.33.
In the following charts (for the week ending on November 16th) are the daily changes in NYMEX WTI future (short term delivery) and Brent oil:
The first chart shows the changes of WTI and Brent oil during last week: WTI and Brent oil had an unclear trend during the week.
According to the recent EIA report on the American Petroleum and oil market, for the week ending on November 16th, U.S. Petroleum stockpiles declined by 4.7 million barrels and reached 1,789.2 million barrels.
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