19 December 2018

2018- n° 333
In November, oil price plummeted Prices of oil and raw material imports - November 2018

In November 2018, the price of oil in euros plummeted (−19.3% after +4.3% in october) while the prices in euros of imported commodities (excluding energy) held steady (0.0% after +4.9%). The prices of industrial raw materials fell back (−0.5% after +3.8%) and those of raw food materials eased (+0.6% after +6.2%).

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Oil price plummeted
Industrial commodity prices slipped back
Food commodity prices increased slightly

Warning: Some data sets used up to now to compute the imported raw materials indices (excluding energy) are not published anymore by the World Bank, the main source for this data. This applies to sheep, rapeseed oil, and sunflower oil quotations. It has been replaced by similar data sets. Indices of oil seeds, meat, food, and all commodities may vary from previous issues.

Oil price plummeted

In November 2018, the price of North Sea crude oil (Brent) in euros plummeted (−19.3% after +4.3% in October) to an average of €57 per barrel. In dollars, the decrease was almost the same magnitude (−20.1% after +2.7%).

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	64.7	–20.1	–10.7	3.2
Brent in € per barrel	57.0	–19.3	–9.3	6.6
Gasoline cts €/L	37.8	–19.0	–20.5	–8.3
Gas Oil	554.1	–11.9	–2.9	16.1
Heavy fuel	381.0	–11.4	–1.7	18.1
Naphtha	461.1	–21.8	–16.6	–5.4

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

Industrial commodity prices slipped back

In November 2018, the prices in euros of industrial raw materials declined (−0.5% after +3.8% in september) as those of minerals (−0.8% after +5.5%), largely due to non-ferrous metals (−2.6% after +3.6%). The prices of ferous metals eased (+3.5% after +8.4) as those of precious metals +1.2% after +3.5%). The prices of agricultural raw materials recovered (+0.8% after −3.6%), mainly because of sawn softwood (+5.8% after −21.0%) and wood pulp (+1.2% after +1.4%). The price of tropical wood was virtually stable (+0.1% after +1.2%). However, the prices of natural fibres kept decreaseing (−1.0% after −1.7%). The price of hide fell back (−2.8% after +0.2%) as well as natural rubber (−5.8% after +0.8%).

Food commodity prices increased slightly

In euros, the prices of raw food materials increased slightly (+0.6 % after +6.2%). The prices of meats increased slightly too (+1.6% after +10.1%), as those of tropical foodstuffs (+0.3% after +8.4%), seafood products (+0.6% after +4.4%) and oil seeds and vegetable oils (+0.8% after +0.6%). largely due to the price of sugar (+24.5% after +1.8%). The prices of cereals fell back anew (−1.3% after +4.0%) as well as sugar price (−2.0% after +24.5%).

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	118.0	0.6	3.4	0.8
Tropical foodstuffs	95.5	0.3	5.5	–2.5
Oil seeds, vegetable oils	102.8	0.8	–1.3	–8.0
Cereals	97.5	–1.3	–0.7	8.0
Sugar	67.2	–2.0	24.3	–11.8
Meat	143.6	1.6	6.7	6.2
Seafood products	125.9	0.6	1.6	6.9
Industrial raw materials	88.9	–0.5	1.4	2.1
Agricultural raw materials	120.0	0.8	–6.7	3.6
Natural Fibres	106.4	–1.0	–6.4	13.2
Natural rubber	43.1	–5.8	–6.7	–9.9
Hides	68.2	–2.8	–4.9	–12.1
Wood pulp	154.0	1.2	1.4	32.6
Tropical wood	96.5	0.1	1.7	0.7
Sawn softwood	154.4	5.8	–26.7	–28.4
Minerals	82.9	–0.8	3.4	1.8
Ferrous metals	60.8	1.2	10.5	18.5
Non-ferrous metals	99.8	–2.6	–1.7	–6.8
Precious metals	102.9	1.2	2.8	–4.7
All commodities	101.9	0.0	2.4	1.5