Crude oil prices declined again during last week. The recent positive news of the rise in the U.S GDP by 2% during the third quarter seems to only slightly affect oil prices. The difference between Brent and WTI rose during last week. The oil stockpiles increased last week by 3.9 M bl. WTI oil decreased by 4.19% during the week; Brent, by 0.36%. As a result, the gap between Brent and WTI reached $24.49/b on Friday.
Here is a short analysis for the price changes in oil prices (Brent and WTI) between October 22nd and October 26th and a summary of the latest EIA review on petroleum and oil stockpiles:
Oil Market – Weekly Summary
WTI oil price (spot) fell during last week by 4.19%; its weekly average price also decreased by 5.65% to $86.47 per barrel, compared with last week’s $91.64 per barrel. The average daily percent change of oil price (WTI) was -0.84%.
NYMEX Oil Future (short term delivery) also decreased by 4.19% during the week, and reached $86.28/b by Friday, October 26th.
Europe Brent oil also slipped during the week by 0.36%, and the average price decreased by 3.69% compared with previous week’s average.
The difference between Brent and WTI spot rose during the week; the gap ranged between $21 and $24; its average premium reached $22.9; it finished the week at $24.49.
Oil Charts
In the following charts (for the week ending on October 26th) are the daily shifts in WTI spot oil, NYMEX Future (short term delivery) and Brent oil:
The first chart presents the developments of WTI and Brent oil during last week: WTI and Brent oil fell during the first half 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 October 19th, U.S. Petroleum stockpiles rose by 3.9 million bl and reached 1,793 million barrels.
The complete oil stockpiles review from October 24th.
For further reading: