The crude oil market started to recover from the sharp falls crude oil prices had endured during September and slightly inclined during the first week of October.
By the end of the week, Brent oil price added 2.18% to its value and WTI spot oil sharply inclined by 7.29%; as a result, the spread between Brent oil and WTI oil sharply fell to $22.89/b on Friday.
Let’s review the changes during last week (October 3rd to October 7th) 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 sharply inclined during last week by 7.29%; but its weekly average price declined by 2.65% as it reached $79.60 per barrel, compared with last week’s $81.77 per barrel. The average daily percent change of crude oil price (WTI) was 0.35%.
Brent spot oil price also inclined by 2.18% during the week, but the average price fell by 3.36% compared with previous week’s average.
The premium of Brent over WTI spot prices sharply declined during the week; its average price was $24.48; it finished the week at $22.89.
Crude Oil Charts
The following chart shows last week’s trend of (week ending on October 7th) WTI spot oil price, NYMEX Futures Prices (November delivery) and Europe Brent spot oil price:
In the chart, Brent spot oil and WTI prices sharply inclined 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 Wednesday and Thursday; on the other hand they sharply declined on Monday and Tuesday.
Crude Oil Stockpiles –Highlights:
According to the recent EIA report of the US oil market, for the week ending on September 30th, U.S. Petroleum and crude oil stockpiles sharply fell by 4.6 million barrels and reached 1,770.5 million barrels. U.S. Ending Stocks of crude oil also declined by 4.6 million barrels and reached 1,032.2 million barrels; U.S. Ending Stocks of Total Gasoline slightly declined by 0.53% compared with last week’s stocks; it reached 213.729 million barrels. U.S. Ending Stocks excluding SPR of Crude Oil reached 336.284 million bbl.
The chart below shows the crude oil stockpiles levels compared to the WTI spot oil price during 2010 and 2011.
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