18 January 2017

2017- n° 13
In December 2016, oil prices soared Prices of oil and raw material imports - December 2016

In December 2016, the price of crude oil in euros soared (+19.1% after −4.6%). It reached an average of €51.1 per barrel, hitting its higher level since july 2015. The prices in euros of all other imported commodities rose less sharply (+2.9% after +6.4% in November) due to a slowdown in industrial raw materials prices (+3.5% after +10.0%). Furthermore, the prices of raw food materials kept recovering (+1.8% after +0.5%).

Informations rapides

N^o 13

Paru le :Paru le18/01/2017

Découvrir la collection

Consult
Documentation

Consultation de la publication ou de la documentation qui lui est associée

Sommaire

Oil price bounced back sharply
Industrial commodity prices slowed
Raw food material prices expanded again

Oil price bounced back sharply

In December, the price of North Sea crude oil (Brent) in euros bounced back sharply (+19.1% after −4.6%), boosted by the OPEC agreement to reduce production. In dollars, the rise in oil price is somewhat less pronounced (+16.4% after −6.6%) because the euro depreciated again during the month.

graphiqueGraph1 – Oil (Brent)

tableauTable1 – Oil and petroleum products

in euros

Oil and petroleum products (in euros) -
	Prices	Change (%)
	of last month	over the last month	over the last 3 months	over the last 12 months
Brent in $ per barrel	54.1	16.4	17.1	43.3
Brent in € per barrel	51.3	19.1	24.5	48.1
Gasoline €/L	0.410	14.3	21.0	42.5
Gas Oil	459.2	15.9	23.0	41.6
Heavy fuel	321.7	21.7	30.4	100.1
Naphtha	436.4	13.1	25.0	21.7

Prices are in euros per tonne unless otherwise specified
Source : INSEE

Industrial commodity prices slowed

The prices in euros of industrial raw materials grew less than in November (+3.5% after +10.0%). Minerals prices slowed (+3.5% after +12.2%). The price of iron ore rose less significantly than in November (+12.9% after +27.3%) and the increase in non-ferrous metals prices eased (+1.0% after +9.6%). In addition, the prices of precious metals fell back (−4.0% after +1.3%), especially gold prices (−4.7% after +0.3%) because the rise in base interest rates in United States has lessened the attractiveness of gold. In contrast, the prices of agricultural raw materials gathered pace (+5.2% after +1.9%), driven again by a sharp increase in rubber (+13.6% after +10.4%) that benefited from the recovery in oil prices and the increase of vehicle sales in China. Moreover, the price of wood pulp grew again, and the price of sawn softwood bounced back. Only the price of hides edged down (−0.2% after +4.8%).

Raw food material prices expanded again

In euros, the prices of raw food materials went up more sharply than in November (+1.8% after +0.5%). The price of oil seeds and vegetable oils remained dynamic (+4.0% after +3.3%). The price of beef meat jumped (+14.2% after +2.1%). Cereal prices strenghtened (+4.0% after +0.5%). However, the prices of tropical foodstuffs kept declining (−6.0% after −2.0%): the price of cacao dropped again (−6.6% after −7.3%) and the price of Arabica slipped back (−11.6% after +5.4%) due to large crop expectations. The price of sugar fell sharply again (−7.7% after −6.9%).

tableauTable2 – Imported raw materials (excluding energy) in euros

base 100 in 2000

Imported raw materials (excluding energy) in euros (base 100 in 2000) -
	Index	Changes (%)
	of last month	over the last month	over the last 3 months	over the last 12 months
Food total	214.9	1.8	2.2	2.7
Tropical foodstuffs	195.1	–6.0	–7.2	–13.4
Oil seeds, vegetable oils	245.7	4.0	4.6	15.2
Cereals	152.6	4.0	6.4	2.5
Sugar	200.1	–7.7	–6.2	29.7
Beef meat	154.9	14.2	15.4	–2.9
Industrial raw materials	180.0	3.5	17.3	27.8
Agricultural raw materials	126.0	5.2	10.4	15.4
Natural Fibres	144.2	3.1	8.5	16.7
Natural rubber	190.5	13.6	36.8	60.8
Hides	82.1	–0.2	8.8	8.8
Wood pulp	104.1	2.3	6.2	3.4
Tropical wood	98.8	2.7	1.0	–13.9
Sawn softwood	109.3	6.7	8.4	23.5
Minerals	208.6	3.1	19.2	32.0
Iron ore	560.3	12.9	49.7	108.1
Non-ferrous metals	164.2	1.0	14.6	20.3
Precious metals	239.0	–4.0	–7.4	13.3
All commodities	187.2	2.9	11.4	17.0