Crude oil prices zigzagged during the week but by the end of the week they have ended higher than their price from the beginning of the week. The recent Presidential elections are over, but during last week it may have contributed to the price volatility of oil. The gap between Brent and WTI expanded during last week. The oil stockpiles slightly increased last week. WTI oil rose by 1.43% during the week; Brent, by 3.52%. As a result, the gap between Brent and WTI reached $23.33/b on Friday.
Here is a short analysis for the price developments in oil prices (Brent and WTI) between November 5th and November 9th and a summary of the recent EIA review on petroleum and oil stockpiles:
Oil Market – Weekly Summary
NYMEX Oil Future rose during last week by 1.43%; its weekly average price edged up by 0.13% to $85.99 per barrel, compared with last week’s $85.88 per barrel. The average daily percent change of oil price (WTI) was 0.32%.
NYMEX Oil Future (short term delivery) reached $86.07/b by Friday, November 9th.
Europe Brent oil also increased during the week by 3.52%, but the average price decreased by 0.12% compared with previous week’s average.
The difference between Brent and WTI expanded during the week; the gap ranged between $22 and $23; its average premium reached $22.47; it finished the week at $23.33.
In the following charts (for the week ending on November 9th) are the daily shifts 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 a moderate upward trend during most of the week.
In the second chart are the daily percent shifts (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 November 9th, U.S. Petroleum stockpiles rose by 0.7 million barrels and reached 1,793.9 million barrels.
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