Market Briefing: Oil Prices Yardeni Research, Inc.

January 19, 2017

Dr. Edward Yardeni 516-972-7683 [email protected]

Debbie Johnson 480-664-1333 [email protected]

Mali Quintana 480-664-1333 [email protected]

Please visit our sites at www.yardeni.com blog.yardeni.com

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Table Of Contents

Table Of Contents

Oil Prices

January 19, 2017 / Market Briefing: Oil Prices

3-6

Yardeni Research, Inc. www.yardeni.com

Oil Prices Figure 1. 160 150

160

BRENT CRUDE OIL FUTURES PRICE* (dollars per barrel)

150

Price (54.16)

140

140

130

130

120

120

110

110

100

100

90

90

80

80

70

70

60

60 1/19

50

50

40

40

30

30

20 10

20 yardeni.com 2004

10

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

200-day moving average * Nearby futures price. Source: Haver Analytics.

Figure 2. 150

150

WEST TEXAS INTERMEDIATE CRUDE OIL PRICE (dollars per barrel)

(51.37) 100

100

1/19

50

50

yardeni.com

0 86

88

90

92

94

96

98

00

02

04

06

08

10

12

14

16

18

0

20

200-day moving average. Source: Haver Analytics.

Page 3 / January 19, 2017 / Market Briefing: Oil Prices

Yardeni Research, Inc. www.yardeni.com

Oil Prices Figure 3. 170

170

CRUDE OIL PRICES (dollars per barrel)

150

150

130

130

110

110

90

90

70

70

Brent Crude Oil Futures Price (54.16)

50

1/19

50

West Texas Intermediae Crude Oil Price (51.37) 30

30 yardeni.com

10 2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

10

2018

Source: Haver Analytics.

Figure 4. 30

30

CRUDE OIL PRICES* (dollars per barrel)

20

20

Nearby Futures Brent Minus WTI (2.8) 10

10

1/19 0

0

-10

-20

-10

yardeni.com 2004

2005

-20 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

* Nearby contract. Source: Haver Analytics.

Page 4 / January 19, 2017 / Market Briefing: Oil Prices

Yardeni Research, Inc. www.yardeni.com

Oil Prices Figure 5. 130 120

130

BRENT CRUDE OIL FUTURES PRICE* (dollars per barrel)

120

110

110

Nearby (54.16)

100

3-month (55.21)

100

90

6-month (56.19)

90

1-year (56.36)

80

80

2-year (56.15) 70

70

60

60 1/19

50

50

40

40

30

30

20

yardeni.com

20

2014

2015

2016

2017

* Settlement price. Source: Haver Analytics.

Figure 6. 30

30

BRENT CRUDE OIL FUTURES PRICE* (dollars per barrel)

20

20

2-Year Minus Nearby (1.99) 10

10

1/19 0

0

-10

-20

-10

yardeni.com 2006

2007

-20 2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

* Settlement price. Source: Haver Analytics.

Page 5 / January 19, 2017 / Market Briefing: Oil Prices

Yardeni Research, Inc. www.yardeni.com

Oil Prices Figure 7. 3.8 3.6

3.8

PETROLEUM PRODUCTS FUTURES PRICES* (dollars per gallon)

3.6

3.4

3.4

3.2

3.2

3.0

3.0

2.8

2.8

2.6

2.6

2.4

2.4

2.2

2.2

Heating Oil (1.62)

2.0

2.0

Gasoline (1.53)

1.8

1.8 1/19

1.6

1.6

1.4

1.4

1.2

1.2

1.0

1.0 yardeni.com

.8 2009

2010

2011

2012

2013

2014

2015

2016

2017

.8

2018

* Nearby contract. Source: Haver Analytics.

Figure 8. 150

150

WEST TEXAS INTERMEDIATE CRUDE OIL PRICE (dollars per barrel)

100 yardeni.com

100

1/19

50

0

50

0 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22

* Ratio scale. Shaded areas denote recessions according to the National Bureau of Economic Research. Monthly from 1946 to 1984, daily thereafter. Source: Haver Analytics.

Page 6 / January 19, 2017 / Market Briefing: Oil Prices

Yardeni Research, Inc. www.yardeni.com

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