16 January 2015

2015- n° 10
In December 2014, oil prices kept plunging, down to a level unprecedented since early 2009 Prices of oil and raw material imports - December 2014

In December 2014, the price of crude oil tumbled down again (–19.7%), and averaged €50.5 per barrel of Brent. Prices of imported commodities except energy in euros declined (–1.1%), due to a weakening in prices of industrial raw materials (–1.8%).

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Oil prices kept plunging, bringing the drop to 44% since June
Prices of industrial raw materials declined
Prices of raw food materials remained almost steady

Oil prices kept plunging, bringing the drop to 44% since June

In December, the price of crude oil from the North Sea (Brent) in dollars kept tumbling (–20.8% after –10.1%). Since June, it fell from $111.8 to $62.2, a drop of 44%, down to its lowest level since early 2009. Supply has remained abundant, in particular the U.S. unconventional oil output and that of the OPEC countries. Compared to it, actual and expected demand has remained subdued. In euros, the Brent price dropped a little less (–19.7% after –8.7%), the European currency having depreciated slightly against the U.S. Dollar (–1.3%).

Prices of industrial raw materials declined

In December, prices of industrial raw materials in euros declined (–1.8% after +1.1% in November). Prices of agricultural raw materials increased slightly (+0.9% after +0.4%) sustained by natural fibers prices (+1.9% after –2.3%), thanks to a rebound in cotton prices (+2.5% after –2.5%). Prices of sawn tropical wood (+0.4% after –0.3%) and those of sawn softwood (+2.3% after –2,2%) also picked up. However natural rubber prices (–6.1% after +1.5%) and those of hides (–4.8% after +1.3%) fell down.

Prices of minerals decreased (–2.8% after +1.4%), on the back of iron ore prices (–4.7%; –43.6% year-on-year) and prices of non-ferrous metals (–2.9% after +3.3%), owing to a slowing demand from China, the world’s biggest consumer of industrial metals. However, prices of precious metals recovered (+2.5% after –2.2%), sustained by rallying prices of gold (+3.4% after –2.3%) and platinum (+1.9% after –1.2%).

Prices of raw food materials remained almost steady

In December, prices of raw food materials in euros were almost stable (–0.1% after +4.1%). The upturn in tropical foodstuff prices (+1.1% after –4.7%) and the accelerating prices of cereals (+2.1% after +1.5%) offset the decrease in the prices of sugar (–4.3% after –2.1%) and those of beef meat (–1.7% after +4.6%).

tableautabpetrole – Oil and petroleum products

in euros

Oil and petroleum products (in euros)
	Prices	Change (%)
	of last month	over the last month	over the last 3 months	over the last 12 months
Brent in $ per barrel	62.2	–20.8	–36.1	–43.8
Brent in € per barrel	50.5	–19.7	–33.1	–37.5
Gasoline €/L	0.323	–21.8	–39.3	–32.4
Gas Oil	465.1	–18.0	–27.9	–32.1
Heavy fuel	243.6	–25.6	–44.4	–45.0
Naphtha	413.0	–18.0	–37.2	–40,7

Prices are in euros per tonne unless otherwise specified
Source: INSEE

tableautabmatprem – Imported raw materials (excluding energy) in euros

base 100 in 2000

Imported raw materials (excluding energy) in euros (base 100 in 2000)
	Index	Changes (%)
		over the last month	over the last 3 months	over the last 12 months
Food total	208.2	–0.1	0.2	16.4
Tropical foodstuff	190.6	1.1	–1.7	28.5
Oil seeds, vegetable oils	242.3	0.1	–5.8	2.8
Cereals	148.7	2.1	6.2	2.0
Sugar	136.3	–4.3	7.6	1.7
Beef meat	163.9	–1.7	10.4	40.0
Industrial raw materials	160.7	–1.8	–1.8	2.4
Agricultural raw materials	112.7	0.9	1.8	6.0
Natural Fibers	106.0	1.9	–2.4	–12.2
Natural rubber	162.4	–6.1	–7.5	–34.0
Hides	99.9	–4.8	–1.9	13.4
Wood pulp	102.7	1.3	4.9	14.6
Tropical wood	105.8	0.4	0.4	6.3
Sawn softwood	98.8	2.3	–0.9	2.8
Minerals	186.2	–2.8	–3.1	1.1
Iron ore	413.6	–4.7	–12.4	–43.6
Non-ferrous metals	158.5	–2.9	–1.5	14.7
Precious metals	219.0	2.5	–1.1	4.2
All commodities	171.0	–1.1	–1.0	8.0