The crude oil market didn’t recover form the sharp falls to its crude oil prices during the previous week as they continued to moderately decline during the week.
Crude oil, much like the other energy commodities, closed the month of September falling. By the end of the week, Brent oil price shed 3.37% of its value and WTI spot oil declined by 0.96%; as a result, the spread between Brent oil and WTI oil reached $25.06/b on Friday.
Let’s review the changes during last week (September 26th to September 30th) 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 slightly declined during last week by 0.96%; its weekly average price declined by 2.93% as it reached $81.34 per barrel, compared with last week’s $83.79 per barrel. The average daily percent change of crude oil price (WTI) was -0.22%.
Brent spot oil price also sharply declined by 3.37% during the week and the average price fell by 4.75% compared with previous week’s average.
The premium of Brent over WTI spot prices declined during the week; its average price was $25.33; it finished the week at $25.06.
Notice that there was a rise during the first part of the week in the Contango (the gap between the future contracts (short delivery) and spot oil price (WTI) as it reached on Tuesday $0.27 per barrel. This might suggest the markets are estimating a slight increase in crude oil prices during October.
Crude Oil Charts
The following chart shows last week’s trend of (week ending on September 30th) WTI spot oil price, NYMEX Futures Prices (October delivery) and Europe Brent spot oil price:
In the chart, Brent spot oil and WTI prices slightly declined mainly during the second part 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 oil prices sharply inclined on Tuesday and Thursday; they declined during Monday, Wednesday and Friday.
Crude Oil Stockpiles –Highlights:
According to the recent EIA report of the US oil market, for the week ending on September 23rd, U.S. Petroleum and crude oil stockpiles inclined by 1.1 million barrels and reached 1,775.1 million barrels.
The chart below shows the petroleum and oil stockpiles levels compared to the WTI crude oil price during 2011.
For further reading:
- Gold & Silver Prices | Weekly Recap 26-30 September
- Forex Market | Weekly Recap 26-30 September
- Oil Prices – Daily Outlook September 30
Previous issues of weekly report: