20 June 2017
2017- n° 163In May 2017, oil prices fell back anew Prices of oil and raw material imports - May 2017
In May 2017, the price of crude oil in euros fell back (−7.1% after +1.9%). The prices in euros of all other imported commodities fell for the third month in a row (−4.3% after −3.4%), notably those of industrial raw materials (−6.0% after −3.6%). The prices of raw food materials decreased less strongly (−1.2% after −3.0%).
In May 2017, the price of crude oil in euros fell back (−7.1% after +1.9%). The prices in euros of all other imported commodities fell for the third month in a row (−4.3% after −3.4%), notably those of industrial raw materials (−6.0% after −3.6%). The prices of raw food materials decreased less strongly (−1.2% after −3.0%).
Oil price fell back anew
In May 2017, the price of North Sea crude oil (Brent) in euros decreased anew (−7.1% after +1.9%). It reached an average of €46 per barrel, higher than its May 2016 level (+10.4%). In dollars, the decrease was less marked (−4.1% after +2.1%) because the euro appreciated during the month.
graphiqueGraph1 – Oil (Brent)
- Source : INSEE
tableauTable1 – 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 | 50.9 | –4.1 | –8.3 | 7.9 |
| Brent in € per barrel | 46.0 | –7.1 | –11.7 | 10.4 |
| Gasoline €/L | 0.371 | –7.6 | –3.7 | 1.2 |
| Gas Oil | 411.3 | –8.0 | –11.4 | 9.6 |
| Heavy fuel | 298.0 | –0.1 | –6.0 | 38.6 |
| Naphtha | 392.0 | –11.6 | –16.6 | 12.1 |
- Prices are in euros per tonne unless otherwise specified
- Source : INSEE
Industrial commodity prices continued to fall
In May 2017, the prices in euros of industrial raw materials declined for the third month in a row (−6.0% after −3.6% in April and −1.4% in March). However, they remained superior to their last year level (+14.4%). Over the month, minerals prices decreased sharply again (−6.4% after −5.2%). The prices of precious metals fell back steeply (−6.0% after +2.3%). The prices of all non-ferrous metals decreased again in May (−4.1% overall after −1.3%), due to concerns about the strenght of the Chinese recovery. The prices of agro-industrial raw material fell back (−4.4% after +2.8%), primarily due to the price of sawn softwood (−7.3% after +12.6%). The price of tropical wood fell back too (−0.8% after +2.2%) as well as the price of wood pulp (−1.0% after +1.4%). The prices of natural fibers decreased more markedly than in April (−1.5% after −0.4%), as well as hide price (−11.2% after −3.1%). However, the price of rubber decreased less strongly than in the previous month (−8.7% after −15.5%).
Food commodity prices decreased less sharply
In euros, the prices of raw food materials decreased less sharply in May (−1.2% after −3.0%). The prices of oil seeds and vegetable oils declined less markedly (−1.0% after −4.3%) as well as those of tropical foodstuffs (−3.7% after −4.1%) and those of sugar (−6.8% after −9.8%). Furthermore, the prices of cereals increased again (+1.4% after +0.8% ) as well as the price of beef meat (+1.8% after +1.6%).
tableauTable2 – Imported raw materials (excluding energy) in euros
| Index | Changes (%) | |||
|---|---|---|---|---|
| of last month | over the last month | over the last 3 months | over the last 12 months | |
| Food total | 202.1 | –1.2 | –6.9 | –6.1 |
| Tropical foodstuffs | 171.9 | –3.7 | –8.7 | –14.7 |
| Oil seeds, vegetable oils | 227.2 | –1.0 | –9.2 | –8.5 |
| Cereals | 156.2 | 1.4 | 0.9 | –1.7 |
| Sugar | 158.9 | –6.8 | –26.0 | –3.9 |
| Beef meat | 167.0 | 1.8 | 4.3 | 10.8 |
| Industrial raw materials | 171.1 | –6.0 | –10.6 | 14.4 |
| Agricultural raw materials | 129.2 | –4.4 | –4.7 | 14.5 |
| Natural Fibres | 153.8 | –1.5 | 0.0 | 28.3 |
| Natural rubber | 150.8 | –8.7 | –31.5 | 7.3 |
| Hides | 71.1 | –11.2 | –12.8 | –2.5 |
| Wood pulp | 105.1 | –1.0 | 1.1 | 10.2 |
| Tropical wood | 97.5 | –0.8 | –0.3 | –9.0 |
| Sawn softwood | 126.4 | –7.3 | –0.4 | 24.8 |
| Minerals | 194.3 | –6.4 | –12.1 | 14.3 |
| Iron ore | 414.4 | –15.2 | –33.2 | 15.3 |
| Non-ferrous metals | 161.3 | –4.1 | –5.8 | 14.8 |
| Precious metals | 244.2 | –6.0 | –5.7 | 4.6 |
| All commodities | 177.3 | –4.3 | –9.3 | 6.1 |
- Source : INSEE
graphiqueGraph3 – Food
- Source : INSEE
graphiqueGraph2 – Imported raw materials (excluding energy)
- Source : INSEE
graphiqueGraph4 – Industrial raw materials
- Source : INSEE
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Time series : Raw materials prices
