RECENT ENERGY PRICE DEVELOPMENTS

摘要

Spot crude oil prices jumped 10-15% in March amid mounting unrest in the Middle East and North Africa, despite a seasonal drop in global refinery output. In line with the loss of Libya's light, low-sulphur crude, prices for middle distillate-rich crudes far outpaced gains for heavier grades. Spot prices for West Texas Intermediate (WTI) posted the largest monthly increase amongst benchmark crudes, in part due to relatively low crude oil stocks in the key US Gulf Coast refining centre and despite stocks at the Cushing, Oklahoma storage terminals reaching record levels. Month-on-month, Dated Brent rose by 10.4% to USD 114.60/bbl, while benchmark WTI increased 15.0% or USD 13.42/bbl to USD 102.99/bbl. By contrast, Middle East benchmark Dubai was up a more modest 8.4% to USD 108.71/bbl as demand for heavier, sourer crudes waned.