Energy prices fell in June

Published:

The decline in the PPI from May to June 2017 was due to a price drop on energy goods of 5.6 per cent. Lower prices on crude oil, refined petroleum products and electricity were the main cause.

Figure 1. Price indices. 2013=100

Energy goods PPI total
Jan. 2013 98.05 98.3
Feb. 2013 99.04 98.84
March 2013 99.98 99.73
April 2013 100.49 99.98
May 2013 96.31 97.77
June 2013 96.3 97.63
July 2013 100.1 100
Aug. 2013 101.17 100.98
Sept. 2013 102.17 101.45
Oct. 2013 100.66 100.87
Nov. 2013 101.53 101.41
Dec. 2013 104.19 103.03
Jan. 2014 104.15 103.46
Feb. 2014 102.76 102.75
March 2014 97.37 99.81
April 2014 96.23 99.31
May 2014 94.53 98.43
June 2014 95.31 98.84
July 2014 93.55 98.32
Aug. 2014 91.84 97.63
Sept. 2014 91.57 97.62
Oct. 2014 90.98 97.43
Nov. 2014 85.46 94.73
Dec. 2014 84.95 94.94
Jan. 2015 76.49 90.62
Feb. 2015 79.76 92.55
March 2015 82.12 93.76
April 2015 82.43 93.78
May 2015 82.65 93.73
June 2015 83.1 94.01
July 2015 79.14 91.84
Aug. 2015 72.17 87.9
Sept. 2015 71.91 87.73
Oct. 2015 72.82 88.24
Nov. 2015 72.8 88.61
Dec. 2015 65.91 84.65
Jan. 2016 59.68 80.87
Feb. 2016 55.99 78.75
March 2016 57.68 79.74
April 2016 58.81 80.35
May 2016 62.44 82.55
June 2016 66.52 84.88
July 2016 67 85.23
Aug. 2016 64.42 83.73
Sept. 2016 62.92 82.42
Oct. 2016 66.59 84.25
Nov. 2016 70.18 86.36
Dec. 2016 77.42 90.8
Jan. 2017 77.78 91.09
Feb. 2017 81.66 93.56
March 2017 79.7 92.59
April 2017 75.24 90.66
May 2017 73.3 89.91
June 2017 69.2 87.62

Crude oil prices Brent Blend measured in Norwegian kroner fell by about 9.5 per cent, according to the statistics Producer price index. It was the biggest fall in prices we have seen since January 2016 when it became known that the United States lifted an old export ban on crude oil. The average crude price in June was about 47 USD per barrel. High production of shale oil in the United States was the main reason for the price decline.

Snow melting contributed to lower electricity prices

Prices of electricity fell by 8.3 per cent from May to June. High inflows to Norwegian water reservoirs due to snow melting and lower consumption were among the reasons for the price decline.

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