Last week energy prices were down slightly on the week. In U.S. dollars, WTI crude, Brent crude and diesel were down 7.0%, 5.3% and 2.5%, respectively.
- Nigeria and Libya saw their oil production levels decrease over the last months because of domestic conflicts. Rumors to the effect that both countries will increase their exports over the next few weeks have negatively impacted energy prices last week.
- According to an official, on September 27, all 14 OPEC members and Russia will meet in Algiers in order to discuss potential measures to implement in order to stabilize energy markets. Market anticipations ahead of this meeting may lead to significant volatility in oil prices over the next days.
- Following the publications of inflation data, which came in above expectations, the US dollar appreciated the most since the month of July. A strong US dollar reduces the relative value of raw materials.
- Gasoline prices increased last week following the announcement of delays in restarting one of the pipelines provisioning the New-York harbor. Once operational, the Colonial pipeline will have the capability to transport over one million barrels of gasoline per day from the gulf coast to the Eastern United States.