Market Briefing: Oil Prices
Yardeni Research, Inc.
September 27, 2021
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
thinking outside the box Table Of Contents TableTable OfOf ContentsContents
Oil Prices 3-6
September 27, 2021 / Oil Prices Yardeni Research, Inc. www.yardeni.com Oil Prices Figure 1. 170 170 160 BRENT CRUDE OIL FUTURES PRICE* Latest (78.09) 160 (dollars per barrel, daily) 150 150 140 140 130 130 120 120 110 110 100 100 90 90
80 9/24 80 70 70 60 60 50 50 40 40 30 30 20 20 yardeni.com 10 10 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
200-day moving average * Nearby futures price. Source: Haver Analytics.
Figure 2. 150 150 WEST TEXAS INTERMEDIATE CRUDE OIL PRICE (dollars per barrel)
100 100
9/27
50 50
Price (75.45)
0 0
yardeni.com -50 -50 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
200-day moving average. Source: Haver Analytics.
Page 3 / September 27, 2021 / Oil Prices Yardeni Research, Inc. www.yardeni.com Oil Prices Figure 3. 200 200 CRUDE OIL NEARBY FUTURES PRICES (dollars per barrel)
150 150
Nearby Futures Prices Brent (78.09) West Texas 100 Intermediate (75.45) 100
9/27
50 50
0 0
yardeni.com -50 -50 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source: Haver Analytics.
Figure 4. 80 80 CRUDE OIL PRICES* (dollars per barrel)
60 60 Nearby Futures Brent Minus WTI (4.1)
40 40
20 20
9/24 0 0
yardeni.com -20 -20 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
* Nearby contract. Source: Haver Analytics.
Page 4 / September 27, 2021 / Oil Prices Yardeni Research, Inc. www.yardeni.com Oil Prices Figure 5. 130 130 BRENT CRUDE OIL FUTURES PRICE* 120 (dollars per barrel) 120
110 110 Nearby (78.09) 100 3-month (76.36) 100 6-month (74.23) 90 1-year (71.03) 90 2-year (66.26) 80 80
70 70
60 60
50 50
40 40
30 30
20 20 yardeni.com 10 10 2014 2015 2016 2017 2018 2019 2020
* Settlement price. Source: Haver Analytics.
Figure 6. 30 30 BRENT CRUDE OIL FUTURES PRICE* (dollars per barrel)
20 20
2-Year Minus Nearby (-11.83) 10 10
0 0
-10 -10 9/24
yardeni.com -20 -20 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
* Settlement price. Source: Haver Analytics.
Page 5 / September 27, 2021 / Oil Prices Yardeni Research, Inc. www.yardeni.com Oil Prices Figure 7. 3.8 3.8 PETROLEUM PRODUCTS FUTURES PRICES* 3.6 (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 9/27 2.2 2.2 2.0 2.0 1.8 Heating Oil (2.30) 1.8 Gasoline (0.00) 1.6 1.6 1.4 1.4 1.2 1.2 1.0 1.0 .8 .8 .6 .6 yardeni.com .4 .4 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
* Nearby contract. Source: Haver Analytics.
Figure 8. 150 150 WEST TEXAS INTERMEDIATE CRUDE OIL PRICE* (dollars per barrel)
100 100
9/27
50 50 yardeni.com
0 0
-50 -50 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 24 26
* Monthly from 1946 to 1984, daily thereafter. Note: Shaded areas are recessions according to the National Bureau of Economic Research. Source: Haver Analytics.
Page 6 / September 27, 2021 / Oil Prices Yardeni Research, Inc. www.yardeni.com Copyright (c) Yardeni Research, Inc. 2021. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports and podcasts posted on www.yardeni.com, blog.yardeni.comhttp://blog.yardeni.com, and YRI’s Apps are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company’s stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments.
The text, images, and other materials contained or displayed on any Yardeni Research, Inc. product, service, report, email or website are proprietary to Yardeni Research, Inc. and constitute valuable intellectual property. No material from any part of www.yardeni.com, blog.yardeni.comhttp://blog.yardeni.com, and YRI’s Apps may be downloaded, transmitted, broadcast, transferred, assigned, reproduced or in any other way used or otherwise disseminated in any form to any person or entity, without the explicit written consent of Yardeni Research, Inc. All unauthorized reproduction or other use of material from Yardeni Research, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Yardeni Research, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Yardeni Research, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.
The recipient should check any email and any attachments for the presence of viruses. Yardeni Research, Inc. accepts no liability for any damage caused by any virus transmitted by this company’s emails, website, blog and Apps. Additional information available on [email protected].