In November 2014, oil prices kept tumbling downPrices of oil and raw material imports - November 2014

In November 2014, the price of crude oil declined sharply again (-8.7%), and averaged €62.9 per barrel of Brent. Prices of imported commodities except energy in euros bounced back (+2.4%), whether for food materials (+4.1%), industrial raw materials (+1.1%) or minerals (+1.4%).

In November 2014, the price of crude oil declined sharply again (-8.7%), and averaged €62.9 per barrel of Brent. Prices of imported commodities except energy in euros bounced back (+2.4%), whether for food materials (+4.1%), industrial raw materials (+1.1%) or minerals (+1.4%).

Oil prices slumped again, bringing the drop to 35% since June

In November, the price of crude oil from the North Sea (Brent) in dollars kept tumbling (-10.1% after -10.3%). Since June, it has strongly decreased (-35% from June to November). Supply has remained abundant, in particular the American non-conventional oil output and that of the OPEC countries. Compared to it, actual and expected demand has remained subdued. In euros, the Brent price dropped at the same rate as in October (-8.7% after -8.7%), the European currency having depreciated against the U.S. Dollar again (–1.5%).

Prices of industrial raw materials recovered

In November, prices of industrial raw materials in euros picked up (+1.1% after -0.9% in October). Prices of agricultural raw materials decelerated slightly (+0.4% after +0.5%): prices of natural rubber bounced back (+1.5% after -2.9%), but remained low (-30.0% year-on-year). Those of natural fibers dipped again (-2.3% after -1.9%). Indeed, prices of cotton continued to fall (-2.5% after -2.4%), as a result of a sluggish demand, particularly in China, while American and Indian supply were high. Prices of tropical wood (-0.3% after +0.3%) and sawn softwood (-2.2% after –0.8%) weakened. Prices of minerals recovered (+1.4% after –1.4%), mainly sustained by aluminum prices (+7.6% after –1.0%), that rallied as a result of an increased demand from the car industry. However, prices of iron ore continued to fall (-7.3%; -42% year-on-year). Prices of copper (-3.2% after +3.3%) and gold (-2.3% after +0.8%) lessened.

Prices of raw food materials picked up

In November, prices of raw food materials in euros recovered (+4.1% after -3.7%), with a marked upturn in prices of oil seeds and vegetable oils (+12.3% after -16.2%): prices of soybeans soared (+10.3% after -8.8%), boosted by high Chinese imports, notably coming from the USA. On the other hand, prices of sugar dropped (-2.1% after +14.9%). Those of tropical foodstuffs slid sharply (-4.7% after +1.9%), as a result of plentiful cocoa harvest expectations in Western Africa and Ecuador.

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 78.4 –10.1 –23.0 –27.2
Brent in € per barrel 62.9 –8.7 –18.0 –21.2
Gasoline €/L 0.42 –10.1 –21.8 –10.3
Gas Oil 567.1 –4.7 –13.2 –16.5
Heavy fuel 327.4 –13.6 –26.1 –26.2
Naphtha 511.3 –10.9 –21.8 –25.7
  • 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 208.3 4.1 3.1 18.1
Tropical foodstuffs 188.4 –4.7 –0.6 30.3
Oil seeds. vegetable oils 242.0 12.3 0.0 5.9
Cereals 145.6 1.5 4.3 –1.6
Sugar 142.5 –2.1 6.5 –3.2
Beef meat 166.7 4.6 11.8 40.8
Industrial raw materials 164.0 1.1 –0.1 3.1
Agricultural raw materials 111.7 0.4 3.1 2.8
Natural Fibers 104.0 –2.3 –2.1 –12.7
Natural rubber 173.1 1.5 –4.6 –30.0
Hides 104.9 1.3 8.6 16.0
Wood pulp 101.4 1.7 7.1 12.6
Tropical wood 105.4 –0.3 0.7 5.9
Sawn softwood 96.6 –2.2 –1.4 –5.4
Minerals 192.1 1.4 –1.2 3.1
Iron ore 433.9 –7.3 –15.8 –42.0
Non-ferrous metals 163.9 3.3 2.3 18.0
Precious metals 213.7 –2.2 –7.6 –3.2
All commodities 173.1 2.4 1.2 8.9
  • 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