Weekly recap for the week ending at 31st of October – Crude oil prices

Here is a weekly recap of the main changes that occurred vis-à-vis to the change of crude oil price and a short crude oil price analysis of main changes for the week ending at October 31st:

Main News

  • The third quarter of financial reports of the main energy producing companies were published and were summaries in several posts published in Bloomberg for instance a short review of the Royal Dutch Shell Plc reports. I will review these reports next week and write on any additional insight, if any, that I will have about these reports;
  • The second stage in the Quantitative Easing in the US will be determined in the beginning of next week. I have referred to it shortly in the past, and will refer to it in more detail once there will be a decision on this subject by the Federal Reserve. If this QE2 will be implemented, it could drive the crude oil price up, however, it is still premature to speculate on this issue;
  • The US Energy Information Administration weekly report showed, as I have pointed out in a previous post, that the US oil stock are at their highest level since May 2009.

Prices

I have added herein a table that summarizes the main changes that occur in the passing week between October 25th and 29th.

* This figure is calculated based on the percent change from the price at the beginning of the week compare to the price at the end of the week

As seen above, the range of the price of WTI was between 82.6 $/b and 81.43 $/b  – a range of only 1.17 $/b. Furthermore, on average, the spot price of WTI changed by     -0.17% and its price decreased by 0.7% from the beginning to the ending of the week.

Also, I have added two graphs that describe the main changes in WTI spot price, Europe Brent spot price and NYMEX future prices and compare their changes among them, there graphs include: a graph of the price change, and a graph of percent change of these prices.

In the final graph it shows that all the prices range between a one percent increase in the beginning of the week and a one percent decrease at the end of the week.