Crude oil prices changed direction and traded up on a weekly scale. Despite their rally they have zigzagged throughout the week but ended up rising on a weekly scale. The difference between Brent and WTI slightly rose again during last week. The oil stockpiles declined during last week by 4.3 M bl. WTI oil rose by 2.2% during the week; Brent, by 1.74%. As a result, the gap between Brent and WTI reached $22.35/b on Friday. According to the recent OPEC report there was a slight drop in the oil production.
Here is a short analysis for the price changes of oil prices (Brent and WTI) between October 8th and October 12th and a summary of the latest EIA review on petroleum and oil stockpiles:
Oil Market – Weekly Summary
WTI oil price (spot) rose during last week by 2.2%; its weekly average price also increased by 0.62% to $91.38 per barrel, compared with last week’s $90.82 per barrel. The average daily percent change of oil price (WTI) was 0.45%.
NYMEX Oil Future (short term delivery) also increased by 2.2% during the week, and reached $91.86/b by Friday, October 12th.
Europe Brent oil also traded up during the week by 1.74%, and the average price increased by 0.36% 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 $23.15; it finished the week at $22.35.
Oil Charts
In the following charts (for the week ending on October 12th) 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 slightly rose during 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 5th, U.S. Petroleum stockpiles declined by 4.3 million bl and reached 1,792 million barrels.
The complete oil stockpiles review from October 11th.
For further reading: