20 April 2017

2017- n° 102
In March 2017, oil prices fell back Prices of oil and raw material imports - March 2017

In March 2017, the price of crude oil in euros decreased anew (−6.7%) after a three-month increase (of which +0.9% in February). The prices in euros of all other imported commodities also fell back (−1.9% after +3.1% in February), both those of industrial raw materials (−1.4% after +4.8%) and those of raw food materials (−2.9% after 0.0%).

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Oil price fell back sharply
Industrial commodity prices fell back
Food commodity prices decreased

Oil price fell back sharply

In March, the price of North Sea crude oil (Brent) in euros fell back sharply (−6.7% after +0.9% in February). It reached an average of €48.6 per barrel, hitting its lower level since November 2016, but nevertheless higher than its March 2016 level (+38.5%). In dollars, the increase was less marked (−6.3% after +1.1%) because the euro appreciated slightly 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	52.0	–6.3	–3.9	33.0
Brent in € per barrel	48.6	–6.7	–5.3	38.5
Gasoline €/L	0.369	–4.1	–10.0	28.4
Gas Oil	434.4	–6.4	–5.4	36.1
Heavy fuel	300.7	–5.1	–6.5	87.0
Naphtha	431.9	–8.1	–1.0	39.6

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

Industrial commodity prices fell back

The prices in euros of industrial raw materials declined in March 2017 (−1.4%) after five months of consecutive gains (+4.8% in February). The prices of agro-industrial raw materials dropped (−3.0% after +7.3%). Indeed, the price of rubber plummeted (−11.3% after +2.2%) because of excess supply, and the price of sawn softwood fell back sharply (−4.6% after +20.9%). The price of tropical wood declined more moderatly (−1.6% after +1.1%). The prices of natural fibers slowed down (+2.0% after +3.5%). However, the price of wood pulp (+0.7% after +0.6%) as well as hide one (+1.5% after +0.4%) accelerated moderatly. Minerals prices fell back (−0.9% after +4.2%), mainly as a result of the price of iron ore (−2.2% after +9.7%); the prices of non-ferrous metals (−0.4% after +2.6%) and those of precious metals (−2.0% after +3.9%) also declined.

Food commodity prices decreased

In euros, the prices of raw food materials decreased anew (−2.9% after 0.0%). The prices of oil seeds and vegetable oils fell back (−4.2% after +0.4%) as well as those of cereals (−1.3% after +0.1%). The price of sugar also plummeted (−11.9% after −0.8%) suffering a lower demand for the benefit of bioethanol production, while supply is plentiful, especially Brazilian harvests. The prices of tropical foodstuffs slipped back again (−1.1% after −4.3%), driven by the fall in the price of tea (−7.7% after +3.7%). The price of beef meat slowed down (+0.9% after +6.4%).

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	211.0	–2.9	–1.8	4.0
Tropical foodstuffs	186.1	–1.1	–4.6	–8.3
Oil seeds, vegetable oils	239.7	–4.2	–2.4	13.9
Cereals	152.8	–1.3	0.1	3.1
Sugar	189.1	–11.9	–5.5	21.8
Beef meat	161.5	0.9	4.3	–1.8
Industrial raw materials	188.7	–1.4	4.8	25.6
Agricultural raw materials	131.5	–3.0	4.3	19.4
Natural Fibres	156.8	2.0	8.8	37.2
Natural rubber	195.4	–11.3	2.6	45.2
Hides	82.7	1.5	0.6	9.6
Wood pulp	104.6	0.7	0.5	8.6
Tropical wood	96.2	–1.6	–2.6	–9.6
Sawn softwood	121.1	–4.6	10.8	28.0
Minerals	218.9	–0.9	5.0	27.1
Iron ore	606.3	–2.2	8.2	64.2
Non-ferrous metals	170.5	–0.4	3.9	19.8
Precious metals	254.0	–2.0	6.3	10.4
All commodities	191.8	–1.9	2.4	17.2