In January 2016, oil prices plummeted againPrices of oil and raw material imports - January 2016

In January 2016, the crude oil price in euros slumped again (-18.0% after -16.4% in December). Standing at €28.4 on average per barrel of Brent, this price crashed by 31.8% compared to its level in January 2015 (€41.6), hitting its lowest level since December 2004. Prices in euros of the other imported commodities declined again (-2.6% after -1.0%), whether for raw food materials (-2.6%) or industrial raw materials (-2.3%).

In January 2016, the crude oil price in euros slumped again (−18.0% after −16.4% in December). Standing at €28.4 on average per barrel of Brent, this price crashed by 31.8% compared to its level in January 2015 (€41.6), hitting its lowest level since December 2004. Prices in euros of the other imported commodities declined again (−2.6% after −1.0%), whether for raw food materials (−2.6%) or industrial raw materials (−2.3%).

Oil prices plunged

In January, the price of crude oil from the North Sea (Brent) in euros tumbled again (−18.0% after −16.4%). In effect, the supply remained significantly in excess and no agreement on output shrinkage began to be detectable while the lifting of sanctions against Iran implied a further increase in global production. The decrease in crude oil prices was a little more marked in dollars (−18.3% after −15.1%) because the euro depreciated slightly.

G_petrole_ang – Oil (Brent)

  • Source : INSEE

tabpetrole – Oil and petroleum productsin euros

Oil and petroleum productsin euros
Prices Change (%)
of last month over the last month over the last 3 months over the last 12 months
Brent in $ per barrel 30.8 –18.3 –36.0 –36.4
Brent in € per barrel 28.4 –18.0 –33.7 –31.8
Gasoline €/L 0.25 –12.1 –18.4 –11.0
Gas Oil 267.8 –17.4 –34.3 –34.7
Heavy fuel 159.0 –1.1 –29.7 –31.0
Naphtha 304.1 –15.2 –21.6 –10.1
  • Prices are in euros per tonne unless otherwise specified
  • Source : INSEE

Prices of raw food materials kept declining

Prices of raw food materials in euros fell sharply again (−2.6% after −2.3%). The supply was plentiful while the demand slowed, in particular for oil seeds and vegetable oils (−1.3% after −6.3%). The downturn in tropical foodstuffs became more marked (−9.5% after −1.2%). Prices of sugar also fell further (−4.4% after −0.8%) due to higher yields in Brazil. The only exception was that the prices of beef meat accelerated (+6.2% after +3.7%).

G_alim_ang – Food

  • Source : INSEE

Prices of industrial raw materials continued to drop

Prices of industrial raw materials in euros dipped (−2.3% after −0.1%).

Prices of minerals tightened (−1.9% after −0.1%). Prices of non-ferrous metals slipped back (−2.6% after +2.4%), as a result of a decelerating Chinese industrial activity and of an excess capactity of production. All the non-ferrous metals were involved, lead above all the others (−4.7% after +8.9%). However, prices of precious metals rallied (+0.4% after −2.5%), in particular gold (+3.0% after −2.8%) that played its part as a safe investment against the general background of falling equity markets. Finally, prices of iron ore bounced back (+4.5% after −15.5%), as a result of a demand recovery.

Prices of agricultural raw materials went down again (−2.8% after −1.3%; −12.2% year-on-year), in particular those of natural rubber (−7.2% after −1.5%) and tropical wood (−3.5% after −2.9%).

G_indus_ang – Industrial raw materials

  • Source : INSEE

G_ensemble_ang – Imported raw materials (excluding energy)

  • 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 204.0 –2.6 –4.1 –4.3
Tropical foodstuffs 204.0 –9.5 –5.5 1.5
Oil seeds, vegetable oils 210.4 –1.3 –9.9 –11.7
Cereals 148.8 –0.1 0.7 –3.8
Sugar 147.5 –4.4 4.6 1.7
Beef meat 169.4 6.2 6.0 –1.3
Industrial raw materials 137.7 –2.3 –4.4 –16.6
Agricultural raw materials 106.2 –2.8 –0.8 –12.2
Natural Fibres 121.8 –1.4 3.7 9.9
Natural rubber 110.0 –7.2 –11.9 –32.1
Hides 78.5 4.0 4.3 –23.6
Wood pulp 99.3 –1.4 –1.0 –8.6
Tropical wood 110.8 –3.5 –2.7 1.9
Sawn softwood 86.0 –2.8 3.4 –14.9
Minerals 154.9 –1.9 –5.8 –18.2
Iron ore 281.5 4.5 –19.0 –34.4
Non-ferrous metals 132.8 –2.6 –3.3 –15.6
Precious metals 211.8 0.4 –7.3 –14.5
All commodities 155.8 –2.6 –4.4 –11.4
  • Source : INSEE