Crude oil prices changed direction again and traded down during last week. The recent positive news of the rise in the Philly fed index didn’t seem to curb the drop in the oil prices. The difference between Brent and WTI slightly fell during last week. The oil stockpiles declined again during last week by 2.6 M bl. WTI oil fell by 1.97% during the week; Brent, by 2.66%. As a result, the gap between Brent and WTI reached $21.12/b on Friday.
Here is a short analysis for the price shifts of oil prices (Brent and WTI) between October 15th and October 19th and a summary of the latest EIA review on petroleum and oil stockpiles:
Oil Market – Weekly Summary
WTI oil price (spot) declined during last week by 1.97%; its weekly average price increased by 0.29% to $91.64 per barrel, compared with last week’s $91.38 per barrel. The average daily percent change of oil price (WTI) was -0.39%.
NYMEX Oil Future (short term delivery) also decreased by 1.97% during the week, and reached $90.05/b by Friday, October 19th.
Europe Brent oil also traded down during the week by 2.66%, and the average price decreased by 0.52% compared with previous week’s average.
The difference between Brent and WTI spot fell during the week; the gap ranged between $21 and $23; its average premium reached $22.29; it finished the week at $21.12.
In the following charts (for the week ending on October 19th) 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 declined during 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 12th, U.S. Petroleum stockpiles slipped again by 2.6 million bl and reached 1,789 million barrels.
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