Oil market.
Brent, Sep 2022: $90.6/b (Aug 2022: $100/b)
The price of Brent crude lost 6% last Friday. On a weekly average, the spot price of Brent was at $89/b last week down nearly 3% (WTI at $83.5/b, -4.3%). The price of Brent, which reached $84.8/b on September 23, down 6% in one day, has returned to its levels from the beginning of the year. The "meltdown" in the oil and financial markets last week was the result of negative economic expectations and geopolitical risks, in particular after Russia's announcements (partial mobilization and annexation referenda in eastern Ukraine). The significant decline in Brent thus followed the trend of the financial markets, which fell sharply in September: -6.9% for the S&P 500, -7.8% for the Nasdaq and -3.1% for the EuroStoxx50. The context of oversupply until the third quarter of 2023 may also have contributed to this decline in oil prices. Overall, demand risks outweighed expectations of a potential reduction in Russian supply. Note: while gasoline prices on the European markets follow the evolution of oil prices, the situation is slightly different for diesel. A premium on the price of this product persists, reflecting tensions in terms of supply. This explains the smaller drop in the pump price of diesel compared to gasoline.
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Timely information on the oil market.
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