20 July 2017

2017- n° 188
In June 2017, oil price fell again Prices of oil and raw material imports - June 2017

In June 2017, the price of crude oil in euros fell again (−8.8% after −7.1%). The prices in euros of all other imported commodities kept falling for the fourth month in a row (−4.3% after −4.3%). The prices of raw food materials deteriorated further (−4.4% after −1.2%) and those of industrial raw materials decreased sharply again (−4.2% after −6.0%).

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Oil price fell again
Food commodity prices continued to decrease
Industrial commodity prices decreased a little less sharply

Oil price fell again

In June 2017, the price of North Sea crude oil (Brent) in euros decreased again clearly (−8.8% after –7.1%). It reached an average of €42 per barrel, its lower level since October 2016. In dollars, the decrease was less marked (−7.4% after −4.1%) because the euro appreciated again 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	47.1	–7.4	–9.4	–2.8
Brent in € per barrel	42.0	–8.8	–13.7	–2.8
Gasoline €/L	0.343	–7.6	–7.2	–3.4
Gas Oil	377.8	–8.1	–13.0	–4.6
Heavy fuel	285.6	–4.2	–5.0	19.0
Naphtha	359.7	–8.3	–16.7	–3.6

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

Food commodity prices continued to decrease

In euros, the prices of raw food materials decreased again in June (−4.4% after −1.2%). They reached their lower level since March 2014. The prices of tropical foodstuffs declined more sharply than in May (−4.2% after −3.7%) as well as those of oil seeds and vegetable oils (−5.4% after −1.0%). The price of sugar plummeted more markedly, as a consequence of oversupply (−16.4% after −6.8%). The price of beef meat fell back (+1.8% after +1.6%). Only the prices of cereals increased (+3.4%), more than in May (+1.4%).

Industrial commodity prices decreased a little less sharply

In June 2017, the prices in euros of industrial raw materials declined less sharply than in June (−4.2% after −6.0%) but it reached its lower level since the beginning of the year. Over the month, minerals prices decreased less sharply (−4.3% after −6.4%). Such is the case of precious metals prices (−1.3% after −6.0%), non-ferrous metals prices (−3.4% after −4.1%), and iron ore price (−9.0% after −15.2%). The prices of agro-industrial raw materials also decreased less markedly (−3.9% after −4.4%), primarily due to the price of wood pulp that recovered (+0.4% after −1.0%). The price of others commodities kept decreasing, whether natural rubber (−8.0% after −8.7%), hide (−4.3% after −11.2%), sawn softwood (−7.9% after −7.3%), tropical wood (−4.0% after −0.8%) or natural fibres prices (−5.9% after −1.5%) .

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	193.2	–4.4	–8.4	–14.2
Tropical foodstuffs	164.6	–4.2	–11.6	–22.3
Oil seeds, vegetable oils	215.0	–5.4	–10.3	–18.0
Cereals	161.6	3.4	5.7	–2.5
Sugar	132.9	–16.4	–29.7	–31.1
Beef meat	160.2	–4.1	–0.8	9.0
Industrial raw materials	163.9	–4.2	–13.1	7.6
Agricultural raw materials	124.1	–3.9	–5.6	9.2
Natural Fibres	144.7	–5.9	–7.7	14.5
Natural rubber	138.8	–8.0	–29.0	5.7
Hides	68.1	–4.3	–17.7	–8.4
Wood pulp	105.5	0.4	0.9	8.6
Tropical wood	93.6	–4.0	–2.7	–11.3
Sawn softwood	116.4	–7.9	–3.8	13.6
Minerals	186.0	–4.3	–15.0	7.2
Iron ore	377.3	–9.0	–37.8	11.4
Non-ferrous metals	155.8	–3.4	–8.6	6.6
Precious metals	241.0	–1.3	–5.1	0.0
All commodities	169.7	–4.3	–11.5	–1.4