Saturday , January 20 2018
Home / Calculated Risk / Oil Prices Higher, Up 19% Year-over-year

Oil Prices Higher, Up 19% Year-over-year

Summary:
From Bloomberg: Crude Oil Prices Are Up 49%, and It’s Not All Thanks to OPECThe bottom line: A 49 percent surge in benchmark North American crude futures since late June, putting prices at a three-year high...."We expect inventories are going to build this year -- slightly,” said Michael Cohen, Barclays Head of Oil Markets Research, in an interview on Bloomberg TV. "You’re going to see a bunch of new crude supply coming on to the market this year from the U.S. So all in all, on a balanced basis, we don’t see the kind of shortage to bring us to for a sustainable basis."Click on graph for larger imageThe first graph shows WTI and Brent spot oil prices from the EIA. (Prices today added). According to Bloomberg, WTI is at .29 per barrel today, and Brent is at .66.Prices really

Topics:
Bill McBride considers the following as important:

This could be interesting, too:

Dash of Insight writes Dash of Insight 1970-01-01 00:00:00

Tyler Durden writes Pat Buchanan Asks “Is A US-Turkish Clash In Syria Imminent?”

Tyler Durden writes Another Ponzi Exposed As Long-Term Care Insurers Double Premiums To Stave Off Losses

Tyler Durden writes The Blatant Dishonesty Of The “Boom”

From Bloomberg: Crude Oil Prices Are Up 49%, and It’s Not All Thanks to OPEC
The bottom line: A 49 percent surge in benchmark North American crude futures since late June, putting prices at a three-year high.
...
"We expect inventories are going to build this year -- slightly,” said Michael Cohen, Barclays Head of Oil Markets Research, in an interview on Bloomberg TV. "You’re going to see a bunch of new crude supply coming on to the market this year from the U.S. So all in all, on a balanced basis, we don’t see the kind of shortage to bring us to $80 for a sustainable basis."
Oil Prices Higher, Up 19% Year-over-yearClick on graph for larger image

The first graph shows WTI and Brent spot oil prices from the EIA. (Prices today added).

According to Bloomberg, WTI is at $64.29 per barrel today, and Brent is at $69.66.

Prices really collapsed at the end of 2014 - and then rebounded a little - and then collapsed again at the end of 2015 and in early 2016.

Now, with the global economy stronger and less domestic production, oil prices are rising.

Oil Prices Higher, Up 19% Year-over-yearThe second graph shows the year-over-year change in WTI based on data from the EIA.

Six times since 1987, oil prices have increased 100% or more YoY.  And several times prices have almost fallen in half YoY.

Currently WTI is up about 19% year-over-year.
Bill McBride
A full time blogger, Mr. McBride retired as a senior executive from a small public company in the '90s. Mr. McBride holds an MBA from the University of California, Irvine, and has a background in management, finance and economics.

Leave a Reply

Your email address will not be published. Required fields are marked *