In February 2015, oil prices bounced back after seven months of declinePrices of oil and raw material imports - February 2015

In February 2015, the price of crude oil rose again (+22.5%), following seven months of decline, to average €51.0 per barrel of Brent. Prices of imported commodities except energy in euros climbed (+1.7%), due to an increase in prices of industrial raw materials (+2.4%) and those of minerals (+3.4%).

Informations rapides
No 65
Paru le : 20/03/2015
Prochaine parution le : 19/10/2017 at 12:00 - September 2017

In February 2015, the price of crude oil rose again (+22.5%), following seven months of decline, to average €51.0 per barrel of Brent. Prices of imported commodities except energy in euros climbed (+1.7%), due to an increase in prices of industrial raw materials (+2.4%) and those of minerals (+3.4%).

Oil prices recovered

In February, the price of crude oil from the North Sea (Brent) in dollars picked up (+19.6% after –22.1%). The signs of a dwindling rig count coupled with a drop in investments from the oil companies seem to be the main triggering factors of a downward reassessment of output prospects and therefore of a rallying barrel price. In euros, the Brent price recovered more sharply (+22.5% after –17.5%), the European currency kept depreciating against the U.S. dollar (–2.4% in February 2015).

Prices of industrial raw materials boosted

In February, prices of industrial raw materials in euros became higher (+2.4% after +1.2% in January), mainly due to the European currency depreciation.

Prices of minerals sped up (+3.4% after -0.1%). Prices of non-ferrous metals bounced back (+5.0% after -1.5%), even though those of precious metals came to a standstill (+0.9% after +9.5%), particularly those of gold (+0.1% after +10.5%), while those of iron ore were slumping again following a one-off increase (-4.7% after +3.7%).

Prices of agricultural raw materials weakened (-0.2% after +4.1%), on account of the drop in paper pulp prices (–0.5% after +5.7%), and those of sawn softwood (-0.8% after +2.2%). However, prices of tropical wood (+3.5% after +2.7%) and those of natural fibers (+5.7% after +4.4%) accelerated. Cotton prices indeed remained dynamic (+6.2% after +4.4%), on account of a downward trend in anticipated arables in China, in India and in the United States. Finally, prices of natural rubber recovered (+0.8% after -0.2%), in line with those of oil.

Prices of raw food materials slowed down

In February, prices of raw food materials in euros decelerated (+0.9% after +2.5%), due to a slowdown in prices of cereals (+2.0% after +5.0%), and those of tropical foodstuffs (+2.9% after +4.3%). Moreover, prices of sugar lessened (-1.3% after +6.4%), the volume of global stocks became high in light of the overall consumption level. Finally, prices of oil seeds and vegetable oils went down again (-4.7% after –1.0%), due to the fall in sunflower oil prices (-2.0% after +1.4%), and those of olive oil (-19.6% after +5.9%).

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 57.9 19.6 –26.1 –46.7
Brent in € per barrel 51.0 22.5 –18.8 –35.8
Gasoline €/L 0.37 28.6 –11.0 –28.6
Gas Oil 497.6 21.4 –12.2 –26.1
Heavy fuel 299.9 30.1 –8.4 –32.2
Naphtha 433.1 28.0 –14.0 –35.2
  • 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 215.3 0.9 3.3 12.7
Tropical foodstuffs 204.5 2.9 8.5 22.1
Oil seeds. vegetable oils 228.4 –4.7 –5.6 –5.9
Cereals 159.1 2.0 9.3 7.8
Sugar 143.1 –1.3 0.4 7.4
Beef meat 183.0 6.7 9.8 39.0
Industrial raw materials 166.2 2.4 1.6 6.5
Agricultural raw materials 117.1 –0.2 4.8 9.9
Natural Fibers 117.1 5.7 12.3 –9.0
Natural rubber 163.3 0.8 –5.6 –19.1
Hides 104.3 1.5 –0.6 16.2
Wood pulp 108.1 –0.5 6.6 19.0
Tropical wood 112.5 3.5 6.7 11.5
Sawn softwood 100.2 –0.8 3.7 4.2
Minerals 192.2 3.4 0.4 5.3
Iron ore 408.7 –4.7 –5.8 –37.8
Non-ferrous metals 163.9 5.0 0.4 17.5
Precious metals 242.1 0.9 13.3 7.8
All commodities 176.9 1.7 2.3 9.1
  • 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