In August 2014, oil prices decreased sharplyPrices of oil and raw material imports - August 2014

In August 2014, the price of crude oil in euro terms fell sharply (-3.3%) and stood at €76.6 on average per barrel of Brent. Prices of imported commodities except energy in euros climbed (+1.1%), supported by the increase in industrial raw materials prices (+1.4%).

Informations rapides
No 214
Paru le : 17/09/2014
Prochaine parution le : 21/11/2017 at 12:00 - October 2017

In August 2014, the price of crude oil in euro terms fell sharply (-3.3%) and stood at €76.6 on average per barrel of Brent. Prices of imported commodities except energy in euros climbed (+1.1%), supported by the increase in industrial raw materials prices (+1.4%).

Clear downturn in oil prices

In August, the price of crude oil from the North Sea (Brent) in dollars kept dropping (-4.7% after -4.3%). In euros, the Brent price dropped less sharply (-3.3% after -3.7%). The unconventional american oil output still had a dampening effect on prices whereas geopolitical tensions seemed to have little effect on the barrel price.

Prices of industrial raw materials slowed down

In August, prices of industrial raw materials in euros increased less than in July (+1.4% after +4.8%). Prices of agricultural raw materials followed suit (+2.1% after +3.0%), due to prices of sawn softwood (+4.5% after +9.2%) and those of wood pulp (+1.7% from +0.9%). These increases are partly offset by the drop in tropical wood (-0.7% from +1.7%). Prices of minerals slowed down (+1.2% after +5.5%). Prices of iron ore decreased sharply (-2.1% after +4.3%), on account of both a supply rise in Brazil and Australia and a decelerating demand. Prices of non-ferrous metals slowed down as well (+2.0% after +5.8%), on account of a decline in copper prices (-0.1% after +5.0%) and in titanium prices (-7.7% from +3.0%). Prices of gold decelerated (+0.3% after +3.0%). Prices of silver (-4.0% after +6.5%), and those of precious metals (-0.6% after +4.4%) weakened. On the other hand, prices of palladium increased (+5.5% after +4.0%), related to geopolitical strains in Ukraine.

Prices of raw food materials recovered a little

In August, prices of raw food materials in euros rose slightly (+0.6% after -1.6%), on account of a rise in oil seed, vegetable oil prices (+4.8% after –9.9%). Prices of tropical foodstuffs were more dynamic (+4.6% after +2.0%), in particular those of arabica (+11.2% after +0.4%), in their link with the fear of a fall in Brazilian output in the aftermath of an unprecedented drought.

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 101.9 –4.7 –6.7 –7.5
Brent in € per barrel 76.6 –3.3 –3.6 –7.3
Gasoline €/L 0.54 –2.1 –0.8 –7.5
Gas Oil 653.5 –0.8 –1.1 –6.8
Heavy fuel 443.2 0.6 1.4 –3.3
Naphtha 653.8 –6.5 –4.3 –4.1
  • Prices are in euros per tonne unless otherwise specified
  • Source : INSEE

tabmatprem_ang – 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 202.1 0.6 3.8 13.6
Tropical foodstuffs 189.7 4.6 9.6 32.8
Oil seeds, vegetable oils 241.9 4.8 –2.0 4.4
Cereals 139.6 1.3 –2.2 –17.6
Sugar 133.8 –6.2 –6.3 –4.7
Beef meat 149.1 –8.7 11.2 27.9
Industrial raw materials 163.4 1.4 6.5 1.2
Agricultural raw materials 108.4 2.1 4.5 5.2
Natural Fibers 106.3 –9.3 –15.7 –18.0
Natural rubber 181.4 –0.3 0.9 –29.3
Hides 96.6 4.7 6.2 17.6
Wood pulp 94.7 1.7 3.8 8.3
Tropical wood 104.7 –0.7 2.4 7.9
Sawn softwood 98.0 4.5 8.8 11.1
Minerals 193.2 1.2 7.3 –0.1
Iron ore 515.5 –2.1 –4.9 –32.3
Non-ferrous metals 159.0 2.0 10.3 10.1
Precious metals 231.3 –0.6 4.7 –3.0
All commodities 170.5 1.1 5.4 6.0
  • 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

Due to a change of data supplier, a few series were marginally revised.