The Libyan war progresses and the uprising the Middle East is far from over, and yet during last week there were moderate changes in crude oil prices for most of the week (see here for more on these news and their affects to crude oil prices). WTI and Brent oil spot and future prices started off the week with moderate changes with no clear trend, but by the end of the week WTI and Brent oil rose strong.
Here is a weekly recap for the week ending on April 1st about crude oil prices (Brent oil and WTI), and a summary of the recent EIA petroleum report:
Crude oil price – highlights
The weekly average of Crude oil price (WTI spot) during last week rose by 0.9% and reached 105.36$/b, compared to last week’s 104.41$/b. The average daily change of crude oil price (WTI) was 0.58%, and its price inclined by 4.25% from beginning to end of the week.
NYMEX Futures Price (April delivery), much like WTI spot price, increased by 3.81% during the week and reached on Friday 107.94 $/.
Europe Brent spot price also inclined by 2.35% from beginning to end, and its average price rose by 1% compared to previous week’s average.
The difference between the Brent and WTI spot prices was on Friday 10.74$/b, and the average premium was 11.16$/b during the week with a standard deviation of 0.74$/b. This shows that Brent oil and WTI fluctuated in concert (more of less) as the premium didn’t change much.
Crude oil charts
The following charts show the daily changes of WTI spot price, NYMEX Futures Prices (April delivery) and Europe Brent spot price during last week:
The graph below shows that WTI and Brent spot prices continued to present a very moderate upward trend.
The second graph shows the daily percent changes of crude oil price (WTI spot, WTI future, Brent spot):
The graph shows how Brent oil and WTI prices’ rate of change rose during the week.
Petroleum Stocks –highlights:
In this week’s recent review on EIA report, about petroleum stocks, consumption and production in the US: oil stocks reached 1,768 million barrels, which is a rise of 0.2%, i.e. an increase of 3.3 million barrels of crude oil. The chart below shows the relation between petroleum stocks and WTI spot oil price in 2010-2011. Currently the prices are high and stocks are low.
The four week average US production (million of barrels a day) for the week of March 25th was 5.581, a 0.1% below the average level last week and higher by 1.1% compared to the average production at the same time last year.
In total, there was a fall in US production, and a rise in petroleum stocks, imports and refineries inputs.
For further reading (on this site):
Previous issues of weekly report:
- Oil prices started strong & finished weak – Weekly recap 21-25 March
- The erratic behavior of oil prices – Weekly recap 14-18 March
- The rise and fall of oil prices – Weekly recap 7-11 March