Despite the uprising in the Middle East and North Africa, and the ongoing adverse ramifications of the tsunami attack in Japan (see here for more on these news and their relation to crude oil prices), crude oil prices didn’t fluctuate much last week, compare to their volatility in the previous week. WTI oil spot and future prices started off the week with rises, but as the week progressed they didn’t change much resulting in WTI spot oil reaching 105$/b.
Here is a recap on crude oil prices (Brent oil and WTI) and the highlights from the recent EIA petroleum report for the week ending on March 25th:
Crude oil price – highlights
Crude oil price (WTI spot) weekly average rose by 4.6% to reach 104.43$/b compare to last week’s average price of 99.78$/b. On average, crude oil price (WTI) daily change was 0.77%, and its price inclined by 2.58% from beginning to end of the week.
NYMEX Futures Price (April delivery), much like WTI spot price, rose by 3% from beginning to end of the week and settled on 104.62 $/ on Friday.
These figures show WTI (spot and future) prices were at a higher price level than previous week, mainly because they have started off the week strong.
Europe Brent spot price also inclined by 0.79% from beginning to end of the week , and its weekly average price rose by 2.43% compare to previous week’s.
The gap between the Brent and WTI spot prices was on Friday 10.83$/b.
Crude oil charts
The following charts show the changes of WTI spot price, NYMEX Futures Prices (April delivery) and Europe Brent spot price:
The graph below shows that WTI and Brent spot prices had a very moderate upward trend.
The final chart shows crude oil price (WTI spot, WTI future, Brent spot) daily percent change during last week:
The graph above shows how Brent oil and WTI prices started off strong and finished with very moderate changes.
Petroleum Stocks –highlights:
In my recent review on last week’s EIA report petroleum stocks, consumption and production in the US, oil stocks declined moderately for the sixth straight week by 0.1%, a decrease of 0.9 million barrels of crude oil to reach 1,765 million barrels – the lowest level since March 2010.
The average US productions (million of barrels a day) for the week of March 18th was 5.586 on a four week average, a 0.2% below the average level last week, and higher by 1.0% compare to the average production at the same time last year;
In total, there was a fall in, petroleum stocks and US production, and a rise in imports and refineries inputs.
For the complete petroleum stocks, consumption and production review see here.
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For further reading (on this site):
- EIA’s review on oil stocks and the Libyan and Japanese effect – March 24
- Oil prices outlook– 25 March
Previous issues of weekly report:
- The erratic behavior of oil prices – Weekly recap 14-18 March
- The rise and fall of oil prices – Weekly recap 7-11 March
- Oil prices rise as Libyan turmoil progress – Weekly recap 28 Feb 4 Mar