Crude oil prices changed direction and after they had increased during the first couple weeks of September, they have tumbled down during most of last week. The difference between Brent and WTI also rose during last week. The oil stockpiles increased again during last week by 11.4 M bl. WTI oil declined by 6.45% during the week; Brent decreased by 4.51%. As a result, the gap between Brent and WTI reached $19.68/b on Friday.
Here is a short analysis for the price developments in oil (Brent and WTI) between September 17th and September 21st and a summary of the recent EIA review on petroleum and oil stockpiles:
Oil Market – Weekly Summary
WTI oil price (spot) tumbled down during last week by 6.45%; its weekly average price also decreased by 4.03% to $93.67 per barrel, compared with last week’s $97.61 per barrel. The average daily percent change of oil price (WTI) was -1.31%.
NYMEX Oil Future (short term delivery) also fell by 6.17% during the week, and reached $92.89/b by Friday, September 21st.
Europe Brent oil also traded down during the week by 4.51% and the average price decreased by 3.41% compared with previous week’s average.
The difference between Brent and WTI spot increased during most of the week; the gap ranged between $17 and $19; its average premium reached $18.21; it finished the week at $19.68.
In the following charts (for the week ending on September 21st) are the daily shifts in WTI spot oil, NYMEX 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 tumbled down during most of the week.
According to the recent EIA report on the American Petroleum and oil market, for the week ending on September 20th, U.S. Petroleum stockpiles rose by 11.4 million bl and reached 1,801 million barrels.
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