Crude oil prices resumed their upward trend mainly following the announcement of the FOMC to launch QE3. The difference between Brent and WTI also rose during last week. The oil stockpiles rose during last week by 2.3 M bl. OPEC’s oil production slightly rose last month. WTI oil rose by 2.68% during the week; Brent increased by 3.01%. As a result, the gap between Brent and WTI reached $18.59/b on Friday.
Here is a short analysis for the price changes in oil (Brent and WTI) between September 10th and September 14th and a summary of the recent EIA review on petroleum and oil stockpiles:
Oil Market – Weekly Summary
WTI oil price (spot) increased during last week by 2.68%; its weekly average price increased by 1.87% to $97.61 per barrel, compared with last week’s $95.82 per barrel. The average daily percent change of oil price (WTI) was 0.53%.
NYMEX Oil Future (short term delivery) also rose by 2.68% during the week, and reached $99/b by Friday, September 14th.
Europe Brent oil also traded up during the week by 3.01% and the average price rose by 1.52% compared with previous week’s average.
The difference between Brent and WTI spot rose during most of the week; the gap ranged between $17 and $19; its average premium reached $18.23; it finished the week at $18.59.
In the following charts (for the week ending on September 14th) are the daily changes in WTI spot oil, NYMEX Future (short term delivery) and Brent oil:
The first chart shows the changes of WTI and Brent oil during last week: WTI and Brent oil traded up during the week.
Oil Stockpiles –Review:
According to the recent EIA report on the American Petroleum and oil market, for the week ending on September 13th, U.S. Petroleum stockpiles rose by 2.3 million bl and reached 1,790 million barrels.
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