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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.

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

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

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%

Amsterdam-Rotterdam-Antwerp

203.35

209.16

210.07

201.84

202.97

203.95

0.3%

12.7%

Singapore

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%