Crude oil prices moved with an unclear trend during last week as Brent edged down while WTI oil slightly rose. U.S stockpiles slightly declined according to the recent EIA report. The gap between Brent and WTI slightly remained at the $22-$23 range during last week. Brent decreased by 0.13% during the week; WTI oil rose by 0.71%. As a result, the gap between Brent and WTI reached $22.32/b on Friday.
Here is a short analysis for the price changes in oil prices (Brent and WTI) between November 26th and November 30th and a summary of the recent EIA review on petroleum and oil stockpiles:
Oil Market – Weekly Summary
NYMEX Oil Future (WTI) rose during last week by 0.71%; its weekly average price slipped by 0.15% to $87.68 per barrel, compared with last week’s $87.81 per barrel. The average daily percent change of oil price (WTI) was 0.15%.
NYMEX Oil Future (short term delivery) reached $88.91/b by Friday, November 30th.
Europe Brent oil decreased during the week by 0.13% and the average price fell by 0.36% compared with previous week’s average.
The difference between Brent and WTI slightly fell but remained in range between $22 and $23during the week; its average premium reached $22.78; it finished the week at $22.32.
Oil Charts
In the following charts (for the week ending on November 30th) 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 and Brent oil had an unclear trend during the week.
In the second chart are the daily percent shifts (i.e. changes around the trend) of oil prices (WTI and Brent):
Oil Stockpiles –Review:
According to the latest EIA report on the American Petroleum and oil market, for the week ending on November 23rd, U.S. Petroleum stockpiles declined by 1.4 million barrels and reached 1,781.5 million barrels.
The complete oil stockpiles review from November 29th.
For further reading: