According to data from NYMEX, crude oil prices for NYMEX prompt-month contracts for Brent and WTI declined during April 2015. The prices of WTI and Brent had both increased by 10% and 3%, respectively, since March 2015after a drop in stockpiles at the delivery point for US crude on April 20, 2015 outweighed pressure from near record-high production in Saudi Arabia. (Reuters)
The prompt-month contract for Texas light sweet increased by 10% from the previous month to 53 USD/Bbl, while Brent prices increased by 3% to settle at 59 USD/Bbl. The past twelve-month averages for WTI and Brent are 78 USD/Bbl and 84 USD/Bbl respectively.
The spread between WTI and Brent (represented by the purple area in the graph above) has narrowed slightly since March 2015. Even though the spread has slightly declined in the past several weeks, it is still up from the very low levels it reached earlier this year, and sat at 6 USD/Bbl in April 2015, which is the same as the last 12-month average.
Oil has staged a timid recovery and is currently traded at around 63 USD/Bbl, up 36% since reaching its year low in early January 2015.A glut in the global supply of oil, alongside decreased global demand, pushed oil as low as 45 USD/Bbl in January 2015, down from around 106 USD/Bblin June 2014.
Data Sources: CME, NYMEX