Crude oil prices resumed their downward during last week. Despite their rally they have increased on Thursday perhaps over the rally of the Euro and other “risk currencies”. The difference between Brent and WTI increased again during last week. The oil stockpiles declined again during last week by 2.4 M bl. WTI oil fell by 2.51% during the week; Brent declined by 0.88%. As a result, the gap between Brent and WTI reached $22.38/b on Friday.
Here is a short analysis for the price developments in oil (Brent and WTI) between October 1st and October 5th and a summary of the recent EIA review on petroleum and oil stockpiles:
Oil Market – Weekly Summary
WTI oil price (spot) declined during last week by 2.51%; its weekly average price also decreased by 0.56% to $90.82 per barrel, compared with last week’s $91.33 per barrel. The average daily percent change of oil price (WTI) was -0.47%.
NYMEX Oil Future (short term delivery) also declined by 2.51% during the week, and reached $89.88/b by Friday, October 5th.
Europe Brent oil also traded down during the week by 0.88%, and the average price decreased by 0.7% compared with previous week’s average.
The difference between Brent and WTI spot rose during the week; the gap ranged between $19 and $22; its average premium reached $20.38; it finished the week at $22.38.
In the following charts (for the week ending on October 5th) are the daily changes in WTI spot oil, NYMEX Future (short term delivery) and Brent oil:
The first chart shows the developments of WTI and Brent oil during last week: WTI and Brent oil didn’t do much during the week. Despite their high volatility they have only slightly declined on a weekly scale.
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 September 28th, U.S. Petroleum stockpiles declined by 2.4 million bl and reached 1,796 million barrels.
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