Crude oil prices moved with an unclear trend during last week. The difference between Brent and WTI rose during last week. The oil stockpiles changed direction and fell during last week by 2.6 M bl. WTI oil declined by 0.45% during the week; Brent rose by 0.86%. As a result, the gap between Brent and WTI reached $21.07/b on Friday.
Here is a short analysis for the price developments in oil (Brent and WTI) between September 24th and September 28th 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 0.45%; its weekly average price also decreased by 2.5% to $91.33 per barrel, compared with last week’s $96.67 per barrel. The average daily percent change of oil price (WTI) was -0.08%.
NYMEX Oil Future (short term delivery) also declined by 0.75% during the week, and reached $92.19/b by Friday, September 28th.
Europe Brent oil, on the other hand, traded up during the week by 0.86%, but the average price decreased by 0.15% compared with previous week’s average.
The difference between Brent and WTI spot rose during the week; the gap ranged between $19 and $21; its average premium reached $20.39; it finished the week at $21.07.
In the following charts (for the week ending on September 28th) are the daily shifts in WTI spot oil, NYMEX Future (short term delivery) and Brent oil:
The first chart shows the shifts of WTI and Brent oil during last week: WTI and Brent oil zigzagged during the week with an unclear trend.
According to the recent EIA report on the American Petroleum and oil market, for the week ending on September 21st, U.S. Petroleum stockpiles declined by 2.6 million bl and reached 1,798 million barrels.
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