25 August 2017

2017- n° 224
In July 2017, oil price recovered barely Prices of oil and raw material imports - July 2017

In July 2017, the price of crude oil in euros recovered barely (+0.6% after −8.8%). The prices in euros of all other imported commodities were virtually stable, after a four-month decrease (−0.2% after −4.3%). The prices of industrial raw materials picked up (+1.6% after −4.2%) and those of raw food materials decreased less sharply than in June (−2.1% after −4.4%).

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Oil price recovered a little
Industrial commodity prices recovered slightly
Food commodity prices decreased less sharply than in June

Oil price recovered a little

In July 2017, the price of North Sea crude oil (Brent) in euros recovered slightly (+0.6% after –8.8%). It reached an average of €42.2 per barrel. In dollars, the rebound was more marked (+3.2% after −7.4%) because the euro appreciated 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	48.6	3.2	–8.4	7.9
Brent in € per barrel	42.2	0.6	–14.7	3.6
Gasoline €/L	0.362	5.6	–9.8	11.1
Gas Oil	393.1	4.0	–12.1	7.3
Heavy fuel	286.2	0.2	–4.0	31.6
Naphtha	362.3	0.7	–18.3	4.1

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

Industrial commodity prices recovered slightly

In July 2017, the prices in euros of industrial raw materials recovered somewhat (+0.9% after −4.2%). This increase was due to a rebound in minerals prices (+1.8% after −4.3%) mainly because of the iron ore (+14.1 after −9.0%). The prices of non-ferrous metals were virtually stable (−0.2%) after a sharp decline (−7.6% over the last three months). The decrease in the prices of precious metals was steeper (−5.6% after −1.3%). The prices of agro-industrial raw materials declined less sharply than in the previous month (−2.5% after −3.9%). Notably, the price of tropical wood declined less than in June (−1.8% after −4.0%), as those of natural fibres (−3.9% after −5.9%). However, the price of wood pulp fell back (−2.8% after +0.4%) and hide ones plummeted further (−8.6% after −4.3%). Only the price of natural rubber bounced back (+2.6% after −8.0%), due to a lacking supply.

Food commodity prices decreased less sharply than in June

In euros, the prices of raw food materials decreased less sharply than in June (−2.1% after −4.4%). Nevertheless, they reached their lower level since January 2014. The prices of tropical foodstuffs declined less than in June (−2.2% after −4.2%). The prices of oil seeds and vegetable oils recovered (+1.8% after −5.4%), as well as those of sugar (+1.0% after −16.4%) as a result of the Brazilian real appreciation. In contrast, the prices of cereals retreated (−1.8% after +3.4%) and the price of beef meat plummeted (−11.7% after −4.1%).

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	189.1	–2.1	–7.6	–14.3
Tropical foodstuffs	161.0	–2.2	–9.8	–25.4
Oil seeds, vegetable oils	218.8	1.8	–4.6	–11.1
Cereals	158.6	–1.8	2.9	–3.4
Sugar	134.2	1.0	–21.3	–32.7
Beef meat	141.4	–11.7	–13.8	–2.6
Industrial raw materials	165.4	0.9	–9.1	5.5
Agricultural raw materials	121.0	–2.5	–10.5	3.6
Natural Fibres	139.1	–3.9	–11.0	–0.3
Natural rubber	142.4	2.6	–13.8	4.0
Hides	62.2	–8.6	–22.3	–18.7
Wood pulp	102.5	–2.8	–3.4	3.0
Tropical wood	91.9	–1.8	–6.5	–7.3
Sawn softwood	112.7	–3.2	–17.3	6.9
Minerals	189.4	1.8	–8.7	5.9
Iron ore	430.3	14.1	–11.9	13.6
Non-ferrous metals	155.5	–0.2	–7.6	6.3
Precious metals	227.6	–5.6	–12.4	–15.8
All commodities	169.4	–0.2	–8.6	–2.4