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Macro Pulse highlights recent activity and events expected to affect the U.S. economy over the next 24 months. While the review is of the entire U.S. economy its particular focus is on developments affecting the Forest Products industry. Everyone with a stake in any level of the sector can benefit from
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Wednesday, May 4, 2011

April 2011 Monthly Average Crude Oil Price

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The monthly average U.S.-dollar price of West Texas Intermediate crude oil jumped again in April, rising by $7.10 (6.9 percent) to $110.04 per barrel -- the highest level since April 2008. That rise occurred in part because of the effects of a slightly weaker dollar, but despite a drop in consumption of 252,000 barrels per day (BPD) -- to 18.9 million BPD -- during February along with a continued rise in crude stocks during April.
 
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Click image for larger view

ASPO-USA attributes the rising oil price to “the falling dollar, rapidly increasing gasoline prices, continued unrest in the Middle East, power shortages in China, and a very tight global supply/demand balance.” In their opinion, manipulation by speculators is minimal.

The announcement by the Saudis that they have cut oil production to 8.2 million BPD means OPEC production is settling back to the lowest level in recent years.
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