24 May 2018

2018- n° 136
In April, oil price ramped up strongly Prices of oil and raw material imports - April 2018

In April 2018, the price of crude oil in euros ramped up strongly (+9.8% after +1.4% in March). The prices in euros of all other imported commodities bounced back lightly (+0.3% after −1.4 %): the prices of industrial raw materials stopped their decrease (+0.6% after −4.5%) while the prices of raw food materials were virtually stable (+0.1% after +2.1%).

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Oil price ramped up strongly
Industrial commodity prices picked up
Food commodity prices were virtually stable

Oil price ramped up strongly

In April 2018, the price of North Sea crude oil (Brent) in euros increased slightly (+9.8% after +1.4% in February) to an average of €59 per barrel. In dollars, the decrease was less marked in March (+9.0% after +1.3% ).

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	72,0	9,0	4,2	33,7
Brent in € per barrel	58,7	9,8	3,7	17,2
Gasoline cts €/L	43,1	9,9	4,5	8,6
Gas Oil	518,2	8,9	3,2	16,2
Heavy fuel	325,0	6,1	0,0	7,8
Naphtha	487,4	6,5	0,2	10,4

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

Industrial commodity prices picked up

In April 2018, the prices in euros of industrial raw materials rose moderatly (+0.6% after −4.5%). The prices of agro-industrial raw materials increased again (+2.2% after +1.3%), mainly because of sawn softwood (+5.6% after +0.5%) and wood pulp price (+3.0% after +2.6%). The price of tropical wood ramped up (+1.2%) after two months of virtual stability. The prices of natural fibres eased (+0.4 % after +3.2%). The price of hide decreased more clearly than in March (−2.8% after −0.5%), such as natural rubber price (−3.8% after −1.2%). The prices of minerals recovered slightly (+0.2% after −5.8%), largely due to non-ferrous metals (+4.5% after −4.4%). The prices of precious metals bounced back too (+1.0% after −0.9%). However, the prices of ferrous metals decreased again (−5.9% after −8.6%).

Food commodity prices were virtually stable

In euros, the prices of raw food materials were virtually stable (+0.1% after +2.1%). The prices of cereals ramped up (+3.5% after +2.7%). The prices of tropical foodstuffs eased (+2.3% after +3.2%), as those of seafood products (+1.2% after +5.8%). The prices of oil seeds and vegetable oils decreased again (−0.4% after −0.6%), those of meats retreated (−3.5% after +0.5%). The price of sugar decreased strongly again for the fifth month in a row (−7.6% after −5.2% in March), after the end of sugar quotas in Europe.

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	114,9	0,1	3,6	–13,9
Tropical foodstuffs	98,4	2,3	8,5	–11,5
Oil seeds, vegetable oils	108,9	–0,4	1,6	–7,6
Cereals	97,9	3,5	5,6	0,3
Sugar	57,3	–7,6	–16,3	–36,9
Meat	134,7	–3,5	2,5	–11,7
Seafood products	113,3	1,2	3,9	–22,6
Industrial raw materials	86,8	0,6	–4,4	–4,3
Agricultural raw materials	122,1	2,2	5,1	3,4
Natural Fibres	103,2	0,4	2,9	–0,5
Natural rubber	44,6	–3,8	–9,0	–27,3
Hides	77,3	–2,8	–4,2	–25,4
Wood pulp	129,4	3,0	8,1	15,9
Tropical wood	97,5	1,2	1,4	–2,7
Sawn softwood	233,7	5,6	10,9	18,4
Minerals	80,2	0,2	–6,4	–5,9
Ferrous metals	50,6	–5,9	–13,9	–17,8
Non-ferrous metals	107,1	4,5	–1,4	4,2
Precious metals	104,4	1,0	–2,3	–11,4
All commodities	99,3	0,3	–0,6	–9,3