In March 2014, oil prices weakenedPrices of oil and raw material imports - March 2014

In March, the price of crude oil in euro terms decreased (–2.0%) and stood at €77.9 per barrel of Brent. Prices of imported commodities except energy in euros went down as well (-0.5%), because prices of industrial raw materials and minerals were on the downside (-2.7% and -3.4% respectively).

Informations rapides
No 88
Paru le : 16/04/2014
Prochaine parution le : 20/12/2017 at 12:00 - November 2017

In March, the price of crude oil in euro terms decreased (–2.0%) and stood at €77.9 per barrel of Brent. Prices of imported commodities except energy in euros went down as well (-0.5%), because prices of industrial raw materials and minerals were on the downside (-2.7% and -3.4% respectively).

Oil prices in euros dropped

In March, the price of crude oil from the North Sea (Brent) in dollars declined (-0.7% after +1.0%), as a result of a higher supply, especially from Opec countries. In euros, the Brent price decrease was more significant (-2.0% after +0.6%), because the euro appreciated against the dollar once again (+1.2%) in March.

Industrial raw materials prices dipped

In March, prices of industrial raw materials in euros went down again (-2.7% after -2.0% in February). Prices of agricultural raw materials declined, though less markedly (–0.9% from -2.3%), in particular those of sawn sofwood (–1.6% after -2.8%).

Prices of Minerals decreased as well (-3.4% after -1.9%) because of the repeated drop in Iron ore prices (-9.0% after –5.6%), due to a weaker steel demand in China. On the whole, prices of Non-ferrous metals came down (–2.2% after -1.3%), except for nickel (+9.0% from +0.5%), because market participants feared supply disruptions, should the tensions between the western economies and Moscow strengthen. In effect, Russia and Ukraine amount to 17% of the world’s refined nickel supply. That decline was partly offset by higher prices of Precious metals (+0.9% after +2.7%), especially those of palladium (+5.1% after –1.2%), of which Russia is the world’s first exporting country. Prices of platinum also recovered (+1.7% after –1.2%).

Rise in raw food materials prices

In March, prices of raw food materials in euros increased again (+2.6% after +3.7%). Prices of arabica softened slightly (+21.3% after +30.0%), because coming rain falls may exert downward pressure on markets. Beef meat prices rose sharply (+8.4% after –4.3%), because dry periods affected the bovine livestock population growth in the United States and Australia, the latter being the world’s third producing country.

tabpetrole – Oil and petroleum products

in euros
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 107,9 –0,7 –2,5 –1,6
Brent in € per barrel 77,9 –2,0 –3,5 –7,9
Gasoline €/L 0,52 1,6 9,5 –11,4
Gas Oil 652,0 –3,2 –4,8 –7,6
Heavy fuel 462,8 1,4 4,4 –3,4
Naphtha 657,3 –1,7 –5,7 –6,3
  • Prices are in euros per tonne unless otherwise specified
  • Source : INSEE

tabmatprem – Imported raw materials (excluding energy) in euros

base 100 in 2000
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 196,0 2,6 9,6 3,3
Tropical foodstuffs 174,3 4,2 17,5 19,8
Oil seeds, vegetable oils 239,7 –1,4 1,6 –1,1
Cereals 147,5 –0,1 1,1 –31,8
Sugar 142,3 6,9 6,2 –10,1
Beef meat 142,8 8,4 21,9 13,7
Industrial raw materials 151,5 –2,7 –3,5 –15,3
Agricultural raw materials 105,4 –0,9 –0,5 –8,2
Natural Fibers 130,1 1,1 7,6 –6,1
Natural rubber 198,0 –0,4 –17,6 –35,5
Hides 91,8 2,1 4,0 8,9
Wood pulp 90,2 –0,7 0,7 3,3
Tropical wood 100,1 –0,8 0,5 3,1
Sawn softwood 94,7 –1,6 –1,4 –15,7
Minerals 176,1 –3,4 –4,6 –17,7
Iron ore 598,2 –9,0 –18,4 –25,2
Non-ferrous metals 135,6 –2,2 –1,8 –15,1
Precious metals 228,1 0,9 7,4 –22,1
All commodities 161,2 –0,5 1,7 –8,3
  • Source : INSEE

G_petrole_ang – Oil

  • Source : Insee

G_alim_ang – Food

  • Source : Insee

G_ensemble_ang – All commodities

  • Source : Insee

G_indus_ang – Industrial raw materials

  • Source : Insee