17 April 2015

2015- n° 91
In March 2015, oil prices rose slightly Prices of oil and raw material imports - March 2015

In March 2015, the price of crude oil in euros increased again (+1.1%), but more moderately than in February (+22.5%). It averaged 51.6€ per barrel of Brent. Prices of imported commodities except energy in euros climbed (+2.7%), either for raw food materials (+2.6%) or industrial raw materials (+2.7%).

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Oil prices in euros went up slightly
Prices of industrial raw materials remained buoyant
Prices of raw food materials accelerated

Warning : As usual in March, weights for the current year have been updated, leading to a revision of aggregate price indices since the beginning of the year.

Oil prices in euros went up slightly

In March, the price of crude oil from the North Sea (Brent) in dollars weakened (-3.7% after +19.6%) in a plentiful worldwide output and a high inventory level backdrop in the USA. In euros, the rise in the Brent price was more moderate in March (+1.1%) than in February (+22.5%), the European currency kept depreciating against the dollar (-4.7% in March 2015).

Prices of industrial raw materials remained buoyant

In March, prices of industrial raw materials in euros picked up slightly (+2.7% after +2.4% in February), due to a recovery in agricultural raw materials (+0.4% after -0.2%).

Prices of minerals remained vigorous (+3.5% after +3.4%), in particular those of non-ferrous metals (+4.9% after +5.0%), even though prices of nickel went down (-0.7% after +0.7%), as a result of a weaker expected stainless steel demand in Europe. Prices of precious metals fell back (–0.1% after +0.9%), in particular those of palladium (-5.5% after +8.3%). Finally, prices of iron ore decreased again (–4.6% after -4.7%), on account of a slowing Chinese demand even though the supply in both Brazil and Australia remained dynamic.

Prices of agricultural raw materials recovered (+0.4% after –0.2%), driven by accelerating natural rubber prices (+2.9% after +0.8%), and rallying paper pulp prices (+2.7% after –0.5%). However, prices of tropical wood decelerated (+2.6% after +3.5%), and those of sawn softwood plummeted (-5.2% after –0.8%).

Prices of raw food materials accelerated

In March, prices of raw food materials in euros accelerated (+2.6% after +0.9%), in particular those of cereals (+3.5% after +2.0%), as a result of a downward reassessment of worldwide corn inventories. Prices of oil seeds and vegetable oils picked up (+1.7% after -4.7%). Prices of tropical foodstuffs slowed (+1.4% after +2.9%), due to a marked drop in those of arabica (-8.7% after -6.3%), as a result of a plentiful supply and the depreciation of the Brazilian real against the dollar. The same applied for the prices of sugar (-7.1% after -1.3%) for which Brazil is the world’s leading producer.

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	55.8	–3.7	–10.2	–48.3
Brent in € per barrel	51.6	1.1	2.2	–33.9
Gasoline €/L	0.41	12.0	27.6	–21.3
Gas Oil	503.7	1.2	8.3	–22.8
Heavy fuel	289.4	–3.5	18.8	–33.7
Naphtha	468.9	8.3	13.5	–28.7

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	Change (%)
		over the last month	over the last 3 months	over the last 12 months
Food total	225.6	2.6	8.4	15.1
Tropical foodstuffs	209.8	1.4	10.1	20.3
Oil seeds,vegetable oils	246.6	1.7	1.8	2.9
Cereals	163.2	3.5	9.8	10.7
Sugar	132.9	–7.1	–2.5	–6.6
Beef meat	194.5	6.3	18.7	36.1
Industrial raw materials	172.6	2.7	7.4	13.9
Agricultural raw materials	121.0	0.4	7.3	14.4
Natural Fibers	121.9	4.2	14.9	–6.4
Natural rubber	168.1	2.9	3.5	–16.4
Hides	110.0	5.4	10.1	19.8
Wood pulp	111.0	2.7	8.1	22.9
Tropical wood	115.5	2.6	9.1	15.3
Sawn softwood	95.0	–5.2	–3.8	0.4
Minerals	200.9	3.5	7.9	14.2
Iron ore	389.8	–4.6	–5.8	–34.9
Non-ferrous metals	171.1	4.9	7.9	25.8
Precious metals	250.5	–0.1	14.4	11.6
All commodities	184.9	2.7	8.1	14,7