Crude oil prices decreased again during most of week. The recent positive news of the rise in U.S employment during October seems to have had an unexpected negative effect on oil prices. The difference between Brent and WTI declined during last week. The oil stockpiles remained nearly unchanged last week. WTI oil decreased by 1.65% during the week; Brent, by 4.6%. As a result, the gap between Brent and WTI reached $20.82/b on Friday.
Here is a short analysis for the price shifts in oil prices (Brent and WTI) between October 29th and November 2nd and a summary of the recent EIA review on petroleum and oil stockpiles:
Oil Market – Weekly Summary
NYMEX Oil Future declined during last week by 1.65%; its weekly average price also decreased by 0.92% to $85.88 per barrel, compared with last week’s $86.68 per barrel. The average daily percent change of oil price (WTI) was -0.32%.
NYMEX Oil Future (short term delivery) reached $84.86/b by Friday, November 2nd.
Europe Brent oil also fell during the week by 4.6%, and the average price decreased by 1.02% compared with previous week’s average.
The difference between Brent and WTI declined during the week; the gap ranged between $20 and $24; its average premium reached $22.74; it finished the week at $20.82.
Oil Charts
In the following charts (for the week ending on November 2nd) 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 fell during most of the week.
In the second chart are the daily percent changes (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 October 26th, U.S. Petroleum stockpiles remained nearly unchanged as it reached 1,793.2 million barrels.
The complete oil stockpiles review from November 2nd.
For further reading: