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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, February 4, 2015

January 2015 Monthly Average Crude Oil Price

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The monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil extended its retreat for a seventh month, plunging by $11.63 to $47.97 per barrel; that is the lowest price since March 2009. The price drop coincided with a strengthening U.S. dollar, the lagged impacts of a 424,000 barrel-per-day (BPD) decrease in the amount of oil supplied/demanded in November (to 19.0 million BPD), and a dramatic accumulation of crude oil stocks (to the highest levels since 1982). The monthly average price spread between Brent crude (the predominant grade used in Europe) and WTI narrowed by $2.73 in January, to $0.31 per barrel. 
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Because prices of near-term futures contracts stabilized in January while prices for later contracts are retracing upward moves, we do not expect significant additional fallout in spot oil prices. 
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The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

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