The crude oil market continues to rally from September as the crude oil prices sharply inclined during most of the week. The U.S retail sales inclined during September and OPEC reported a slight drop in its oil production; these news items may have contributed to the gains in crude oil prices along with the ongoing recovery of the U.S stock markets during last week..
By the end of the week, Brent oil price added 5.49% to its value and WTI spot oil inclined by 1.95%; as a result, the spread between Brent oil and WTI oil sharply inclined to $28.70/b on Friday – the widest spread in October.
Here is a review of the changes during last week (October 10th to October 14th) of crude oil prices (Brent oil and WTI), and present a summary of the recent EIA petroleum report:
Crude Oil Prices – Highlights
WTI spot oil price inclined during last week by 1.95%; its weekly average price sharply inclined by 7.51% as it reached $85.40 per barrel, compared with last week’s $79.43 per barrel. The average daily percent change of crude oil price (WTI) was 0.99%.
Europe Brent oil price also sharply inclined by 5.49% during the week, and the average price rose by 7.43% compared with previous week’s average.
The premium of Brent over WTI spot prices sharply inclined during the week; its average price was $26.36; it finished the week at $28.70.
Crude Oil Charts
The following chart shows last week’s trend of (week ending on October 14th) WTI spot oil price, NYMEX Futures Prices (November delivery) and Europe Brent spot oil price:
In the chart, Brent spot oil and WTI prices present an upward trend during most of the week.
The second chart presents the daily percent changes (i.e. changes around the trend) of crude oil price (WTI spot oil, WTI future, Brent spot oil):
Brent and WTI spot oil prices sharply inclined on Monday, Wednesday (just Brent oil) and Friday; on the other hand they have moderately declined on Thursday.
Crude Oil Stockpiles –Highlights:
According to the recent EIA report of the US oil market, for the week ending on October 7th, U.S. Petroleum and crude oil stockpiles slightly slipped by 1.4 million barrels and reached 1,769.1 million barrels. U.S. Ending Stocks of crude oil on the other hand slightly rose by 1.3 million barrels and reached 1,033.5 million barrels.
The chart below presents the crude oil stockpiles levels compared to the WTI spot oil price during 2010 and 2011.
For further reading:
Previous issues of weekly report: