Here is a weekly recap of the main price changes that occurred in the crude oil prices along with a short analysis of crude oil price changes for the week ending at November 12th:
Main New:
- The crude oil prices began this week with a continuous bullish rise, which began last week, however as the week progressed the crude oil prices and natural gas prices started to fall and by the end of the week they dropped the similar levels as they were the middle of last week. According Bloomberg they claim it’s due to the speculation over China’s expected increase in interest rates, which could curb its demand for crude oil.
- The FT.com tries to refer to the commodities prices cycles of the past several years.
- The US Energy Information Administration (EIA) weekly report showed, as I have presented in a post from yesterday that the US citizens are expected to pay more for heating their houses as a result of the increase in Propane Prices.
- The EIA report also showed that there is a continuous decline in the Finished Motor Gasoline stock in the US mainly due to refineries curbing their output in US and Canada because of peak maintenance, and in Europe because of strikes that took place in France.
Prices
I have added herein a table that summarizes the main changes that occur in the passing week between November 8th and 12th:
* 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 87.81 $/b and 84.88 $/b – a range of 2.93 $/b. This fluctuation represents a decrease in the level of volatility of the crude oil price compare to last week, mainly since last week was clouded by the speculations around the quantitative easing and the expectations around it. Furthermore, on average, the spot price of WTI changed by -0.45% and its price decreased by 2.52% 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 the crude oil prices daily percent change range between a one percent increase in the beginning of the week, which later that week started to drop until the end of the week when the crude oil prices decreased by over 3%.
