November 2015 – Crude Oil Brent vs. WTI: Prompt-Month Contract (NYMEX)


MMA Nov oil prompt

The ZEMA graph above shows the price volatility of crude this year as demonstrated by the prompt-month NYMEX Brent-WTI spread. WTI is represented in red, Brent is represented in blue, and the Brent-WTI spread is represented by the purple area. Units are in USD/bbl.

 

On the New York Mercantile Exchange (NYMEX), prompt-month contracts for Brent and Western Texas Intermediate (WTI) crude oil remained lower as the market rejected prices above the $50 level on active month NYMEX crude oil futures. The prices of both WTI and Brent are comfortably settled below $50 level from the last 4 months and the prospects for commodity are looking shaky at this point despite the high levels of petroleum in storage and no sign of global production diminishing in the near-term.

 

On November 24, 2015, crude oil (WTI) futures plunged 2 dollar to trade at USD $42 a barrel at the New York-based commodity exchange NYMEX and settled at $42 a barrel on November 30. Brent crude oil futures have been stable at $45 a barrel at NYMEX. Oil prices have been sliding for over a year since the Organization of the Petroleum Exporting Countries opted to keep production high to protect market share and bump out rivals in the U.S. and those outside the cartel. There are very few positive things to say about the future prospects for the price of crude oil at this time. Data from NYMEX future settlements showed that Brent and WTI hit their lowest price levels in November for this year.

 

Furthermore, the last 12-month averages for Brent and WTI on NYMEX were $57 USD/Bbl and $52 USD/Bbl, respectively. The Brent-WTI spread (represented by the purple area in the graph above) reached $3 USD/Bbl this month, which was $ 5 USD/Bbl below the last 12-month average. The fundamental structural state of the oil market is bearish for price and the demand for crude oil seems to be falling off.

Data Sources: NYMEX


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