In October 2014, oil prices kept decreasing sharplyPrices of oil and raw material imports - October 2014

In October 2014, the price of crude oil in euro terms declined sharply (-8.7%) and averaged €68.9 per barrel of Brent. Prices of imported commodities except energy in euros went down (-2.1%), either those of raw food materials (-3.7%), industrial raw materials (-0.9%) or minerals (-1.4%).

In October 2014, the price of crude oil in euro terms declined sharply (-8.7%) and averaged €68.9 per barrel of Brent. Prices of imported commodities except energy in euros went down (-2.1%), either those of raw food materials (-3.7%), industrial raw materials (-0.9%) or minerals (-1.4%).

Oil prices plummeted and reached their lowest since December 2010

In October, the price of crude oil from the North Sea (Brent) in dollars slumped (-10.3% after -4.5%), as a result of a slowdown in the Chinese and emerging countries’ demand on the one hand and a sharp improvement in the American non conventional oil output on the other. In euros, the Brent price dropped less sharply (-8.7% after -1.5%), the European currency having depreciated against the U.S. Dollar (-1.8%).

Prices of industrial raw materials fell again

In October, prices of industrial raw materials in euros kept going down (-0.9% after -0.2% in September). Prices of agricultural raw materials decelerated (+0.5% after +2.2%), due to a weakening in prices of hides (+1.8% after +5.3%), in those of wood pulp (+1.8% after +3.4%) and the drop in prices of natural fibers (-1.9% after +2.1%). Natural rubber prices continued to fall (-2.9% after -3.2%), marked by an overproduction period, a weak Chinese demand and the competing presence of synthetic, oil-derived rubber. The decline in minerals became more marked (-1.4% after –1.0%). Prices of iron ore slid again (-0.9% after -8.3%), on the back of an output glut. Prices of non-ferrous metals went down as well (-1.5% after +0.7%). In particular, prices of nickel plunged (-11.2% after +0.3%), on account of a continuing rise in stocks. The decline in precious metals was less marked (-1.3% after -4.2%), thanks to the rallying of palladium prices (+4.4% after -12.0%).

Prices of raw food materials came down

In October, prices of raw food materials dropped (-3.7% after +2.8%), due to the fall in prices of oil seeds and vegetable oils (-16.2% after +6.3%). In particular, the prices of soybean meals decreased considerably (-26.8% after +11.2%), following the American announcement of higher than expected soya crop. Prices of sugar recovered (+14.9% after -5.3%), on account of a sugar cane crop that was lower than foreseen in drought-affected Brazilian areas.

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 87.3 –10.3 –18.4 –20.2
Brent in € per barrel 68.9 –8.7 –13.1 –14.1
Gasoline €/L 0.47 –12.4 –14.8 –3.7
Gas Oil 594.8 –7.8 –9.7 –12.6
Heavy fuel 378.7 –13.6 –14.1 –14.0
Naphtha 575.9 –12.5 –17.2 –13.1
  • 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 200.1 –3.7 –0.3 15.7
Tropical foodstuff 197.6 1.9 9.0 37.0
Oil seeds. vegetable oils 215.5 –16.2 –6.6 –2.2
Cereals 143.5 2.5 4.1 –3.8
Sugar 145.6 14.9 2.1 –5.7
Beef meat 159.3 7.3 –2.5 38.7
Industrial raw materials 162.2 –0.9 0.7 2.6
Agricultural raw materials 111.3 0.5 4.9 5.9
Natural fibers 106.4 –1.9 –9.1 –14.1
Natural rubber 170.6 –2.9 –6.3 –31.8
Hides 103.5 1.8 12.2 30.5
Wood pulp 99.7 1.8 7.1 13.9
Tropical wood 105.7 0.3 0.2 7.5
Sawn softwood 98.8 –0.8 5.4 3.3
Minerals 189.4 –1.4 –0.7 1.4
Iron ore 467.9 –0.9 –11.2 –35.0
Non-ferrous metals 158.6 –1.5 1.9 12.9
Precious metals 218.6 –1.3 –6.1 –4.1
All commodities 169.1 –2.1 0.3 7.7
  • 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