17 September 2014
2014- n° 214In August 2014, oil prices decreased sharply Prices of oil and raw material imports - August 2014
In August 2014, the price of crude oil in euro terms fell sharply (-3.3%) and stood at €76.6 on average per barrel of Brent. Prices of imported commodities except energy in euros climbed (+1.1%), supported by the increase in industrial raw materials prices (+1.4%).
In August 2014, the price of crude oil in euro terms fell sharply (-3.3%) and stood at €76.6 on average per barrel of Brent. Prices of imported commodities except energy in euros climbed (+1.1%), supported by the increase in industrial raw materials prices (+1.4%).
Clear downturn in oil prices
In August, the price of crude oil from the North Sea (Brent) in dollars kept dropping (-4.7% after -4.3%). In euros, the Brent price dropped less sharply (-3.3% after -3.7%). The unconventional american oil output still had a dampening effect on prices whereas geopolitical tensions seemed to have little effect on the barrel price.
Prices of industrial raw materials slowed down
In August, prices of industrial raw materials in euros increased less than in July (+1.4% after +4.8%). Prices of agricultural raw materials followed suit (+2.1% after +3.0%), due to prices of sawn softwood (+4.5% after +9.2%) and those of wood pulp (+1.7% from +0.9%). These increases are partly offset by the drop in tropical wood (-0.7% from +1.7%). Prices of minerals slowed down (+1.2% after +5.5%). Prices of iron ore decreased sharply (-2.1% after +4.3%), on account of both a supply rise in Brazil and Australia and a decelerating demand. Prices of non-ferrous metals slowed down as well (+2.0% after +5.8%), on account of a decline in copper prices (-0.1% after +5.0%) and in titanium prices (-7.7% from +3.0%). Prices of gold decelerated (+0.3% after +3.0%). Prices of silver (-4.0% after +6.5%), and those of precious metals (-0.6% after +4.4%) weakened. On the other hand, prices of palladium increased (+5.5% after +4.0%), related to geopolitical strains in Ukraine.
Prices of raw food materials recovered a little
In August, prices of raw food materials in euros rose slightly (+0.6% after -1.6%), on account of a rise in oil seed, vegetable oil prices (+4.8% after –9.9%). Prices of tropical foodstuffs were more dynamic (+4.6% after +2.0%), in particular those of arabica (+11.2% after +0.4%), in their link with the fear of a fall in Brazilian output in the aftermath of an unprecedented drought.
tableautabpetrole – Oil and petroleum products
| Prices | Change (%) | |||
|---|---|---|---|---|
| of last month | over the last month | over the last 3 months | over the last 12 months | |
| Brent in $ per barrel | 101.9 | –4.7 | –6.7 | –7.5 |
| Brent in € per barrel | 76.6 | –3.3 | –3.6 | –7.3 |
| Gasoline €/L | 0.54 | –2.1 | –0.8 | –7.5 |
| Gas Oil | 653.5 | –0.8 | –1.1 | –6.8 |
| Heavy fuel | 443.2 | 0.6 | 1.4 | –3.3 |
| Naphtha | 653.8 | –6.5 | –4.3 | –4.1 |
- Prices are in euros per tonne unless otherwise specified
- Source : INSEE
tableautabmatprem_ang – Imported raw materials (excluding energy) in euros
| Index | Changes (%) | |||
|---|---|---|---|---|
| over the last month | over the last 3 months | over the last 12 months | ||
| Food total | 202.1 | 0.6 | 3.8 | 13.6 |
| Tropical foodstuffs | 189.7 | 4.6 | 9.6 | 32.8 |
| Oil seeds, vegetable oils | 241.9 | 4.8 | –2.0 | 4.4 |
| Cereals | 139.6 | 1.3 | –2.2 | –17.6 |
| Sugar | 133.8 | –6.2 | –6.3 | –4.7 |
| Beef meat | 149.1 | –8.7 | 11.2 | 27.9 |
| Industrial raw materials | 163.4 | 1.4 | 6.5 | 1.2 |
| Agricultural raw materials | 108.4 | 2.1 | 4.5 | 5.2 |
| Natural Fibers | 106.3 | –9.3 | –15.7 | –18.0 |
| Natural rubber | 181.4 | –0.3 | 0.9 | –29.3 |
| Hides | 96.6 | 4.7 | 6.2 | 17.6 |
| Wood pulp | 94.7 | 1.7 | 3.8 | 8.3 |
| Tropical wood | 104.7 | –0.7 | 2.4 | 7.9 |
| Sawn softwood | 98.0 | 4.5 | 8.8 | 11.1 |
| Minerals | 193.2 | 1.2 | 7.3 | –0.1 |
| Iron ore | 515.5 | –2.1 | –4.9 | –32.3 |
| Non-ferrous metals | 159.0 | 2.0 | 10.3 | 10.1 |
| Precious metals | 231.3 | –0.6 | 4.7 | –3.0 |
| All commodities | 170.5 | 1.1 | 5.4 | 6.0 |
- Source : INSEE
graphiqueG_petrole_ang – Oil
- Source : Insee
graphiqueG_alim_ang – Food
- Source : Insee
graphiqueG_ensemble_ang – All commodities
- Source : Insee
graphiqueG_indus_ang – Industrial raw materials
- Source : Insee
Due to a change of data supplier, a few series were marginally revised.
Pour en savoir plus
Time series : Raw materials prices
