Oil returns to above USD75 per barrel - Friday fuel watch
After bouncing back from below USD65 per barrel, oil prices have topped USD75 per barrel in late week trading. Prices have risen in each of the past three sessions, on a better US economic outlook and a decline in US crude oil stockpiles. A slight weakening of the US dollar has also prompted stronger trading.
- Oil prices have surpassed USD75 per barrel, rebounding from a low of USD65 per barrel.
- The increase in oil prices is attributed to a positive US economic outlook and a decline in US crude oil stockpiles.
- The US dollar's slight weakening has also contributed to stronger trading.
- After reaching an 18-month high in May 2010, fuel prices dropped but have now recovered most of their lost ground.
- Jet fuel prices have remained relatively stable, with New York Harbor prices experiencing a slight increase of 1.2%.
- US Gulf Coast jet fuel prices remain depressed compared to other regions, at just USD 198.14 cents per gallon.
After hitting an 18-month high in early May-2010, fuel prices dropped more than USD20 per barrel in three weeks. WTI prices have recovered much of their lost ground, and are now 5.6% above the level they were 12 months ago.
WTI spot price: May-2009 to Jun-2010
Source: Centre for Asia Pacific Aviation & US Energy Information Administration
For the week to 08-Jun-2010, WTI oil prices were down 2.1%, finishing at USD71.88 per barrel. Oil prices have since posted a rally, hitting USD75.17 per barrel.
Daily jet fuel prices (kerosene, cents per gallon) at New York, US Gulf Coast, Los Angeles, Amsterdam, Singapore: Nov-2009 to Jun-2010
Source: Centre for Asia Pacific Aviation & US Energy Information Administration
Jet fuel prices are generally between the USD 200-210 cents per gallon band, although US Gulf Prices remain depressed, at just USD 198.14 cents per gallon. Prices have remained relatively stable through the week, with New York Harbor prices the largest mover, up 1.2%.
|
01-Jun-10 |
02-Jun-10 |
03-Jun-10 |
04-Jun-10 |
07-Jun-10 |
08-Jun-10 |
one week Change |
12 month Change |
|
|---|---|---|---|---|---|---|---|---|
|
New York Harbor |
203.2 |
208.31 |
210.75 |
202.46 |
205.05 |
205.64 |
1.2% |
13.9% |
|
U.S. Gulf Coast |
198.95 |
203.56 |
205.75 |
197.96 |
197.8 |
198.14 |
-0.4% |
11.3% |
|
Los Angeles |
208.51 |
212.69 |
215.82 |
208.45 |
206.69 |
208.21 |
-0.1% |
14.9% |
|
203.35 |
209.16 |
210.07 |
201.84 |
202.97 |
203.95 |
0.3% |
12.7% |
|
|
199.52 |
199.29 |
205.48 |
206.43 |
196.79 |
200.24 |
0.4% |
16.2% |
|
|
WTI Spot* |
72.7 |
72.88 |
74.62 |
71.43 |
71.55 |
71.88 |
-1.1% |
5.6% |