21 February 2017

2017- n° 44
In January 2017, oil prices stabilised virtually Prices of oil and raw material imports - January 2017

In January 2017, the price of crude oil in euros stabilised virtually (+0.7% after +19.1%). It reached an average of €51.6 per barrel, hitting its higher level since July 2015. The prices in euros of all other imported commodities slowed (+1.3% after +2.9% in December), especially those of industrial raw materials (+1.4% after +3.5%). The prices of raw food materials were less vigorous (+1.1% after +1.8%).

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Oil price stabilised virtually
Industrial commodity prices slowed again
Raw food material prices slackened

Oil price stabilised virtually

In January, the price of North Sea crude oil (Brent) in euros stabilised virtually (+0.7%), after an upsurge in December (+19.1%). In dollars, it increased moderatly (+1.5% after +16.4%) because the euro appreciated slightly during the month.

graphiqueGraph1 – Oil (Brent)

tableauTable1 – 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	54.9	1.5	10.4	78.2
Brent in € per barrel	51.6	0.7	14.4	81.9
Gasoline €/L	0.405	–1.3	10.7	59.9
Gas Oil	458.2	–0.2	9.1	71.1
Heavy fuel	313.8	–2.4	18.6	97.3
Naphtha	466.8	7.0	17.0	53.5

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

Industrial commodity prices slowed again

The prices in euros of industrial raw materials slowed again in January (+1.4% after +3.5% in the previous month). Agricultural raw materials prices rose much less quickly (+0.2% after +5.2%). The price of hides slid more sharply (−1.2 % after −0.2 %). The price of wood pulp edged down (−0.8 % after +2.3 %). The price of sawn softwood plummeted (−4.0 % after +6.7 %), tropical wood fell back too (−2.1 % after +2.7 %). However, the price of rubber kept increasing strongly (+13.2 % after +13.6 %), because of heavy rains in Thaïland that hindered crops. Minerals prices slowed again (+1.7 % after +3.1 %), since the price of iron decelerated sharply (+0.9% after +12.9%). Nevertheless, non-ferrous metals prices gathered pace (+1.7% after +1.0%). The prices of precious metals recovered (+4.3% after −4.0%), especially the price of palladium (+10.0% after −9.7%) buoyed by an increasing demand of the automotive industry combined with a chronic supply deficit.

Raw food material prices slackened

In euros, the prices of raw food materials grew more moderately than in December (+1.1% after +1.8%). The price rise of oil seeds and vegetable oils eased (+1.5% after +4.0%) as those of cereals (+1.4% after +4.0%). The price of beef meat fell back (−2.9% after +14.2%). However, the price of sugar bounced back (+8.2%) after a two-month strong decline, and the prices of tropical foodstuffs recovered (+0.9 % after −6.0%).

tableauTable2 – Imported raw materials (excluding energy) in euros

base 100 in 2000

Imported raw materials (excluding energy) in euros (base 100 in 2000) -
	Index	Changes (%)
	of last month	over the last month	over the last 3 months	over the last 12 months
Food total	217.2	1.1	3.4	6.5
Tropical foodstuffs	196.8	0.9	–7.0	–3.5
Oil seeds, vegetable oils	249.3	1.5	9.0	18.5
Cereals	154.8	1.4	6.0	4.0
Sugar	216.4	8.2	–7.1	46.7
Beef meat	150.4	–2.9	13.2	–11.2
Industrial raw materials	182.5	1.4	15.5	32.6
Agricultural raw materials	126.3	0.2	7.4	19.0
Natural Fibres	148.5	3.0	8.8	21.9
Natural rubber	215.6	13.2	42.0	96.1
Hides	81.1	–1.2	3.3	3.4
Wood pulp	103.2	–0.8	3.7	4.0
Tropical wood	96.7	–2.1	3.5	–12.7
Sawn softwood	104.9	–4.0	0.6	22.0
Minerals	212.1	1.7	17.7	36.9
Iron ore	565.3	0.9	45.0	100.8
Non-ferrous metals	167.0	1.7	12.6	25.7
Precious metals	249.3	4.3	1.4	17.7
All commodities	189.6	1.3	10.9	21.7