RECENT ENERGY PRICE DEVELOPMENTS

摘要

In December, oil prices were boosted by plunging temperatures in the Northern Hemisphere, with benchmark crude prices up by between USD 5-6/bbl. Although prices in the United States, Europe and Asia all trended higher, market vagaries led to divergent regional developments. In the United States, crude prices continued to be constrained by weakness in prompt WTI (West Texas Intermediate), with swelling stocks especially in the Midwest and at Cush-ing, Oklahoma. By contrast, prices for near-term Brent delivery rose above prices for future delivery (backwardation) in mid-December, in part due to slightly fewer cargoes of some North Sea grades such as Forties. Month-on-month, Dated Brent rose by 7.1% to USD 91.36/bbl, while WTI increased by 5.8% to USD 89.08/bbl. Dubai experienced similar gains, up 6.5% to 89.05 USD/bbl.