Price Trends for Key Commodities
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Due to increasing oil supply, weak overall growth in oil demand and OPEC’s announcement to increase production, Brent North Sea crude prices fell from an average of $84 per barrel in the first half of 2024 to $74 per barrel in the fourth quarter. The annual average oil price was $81 per barrel, only slightly below the price of the previous year ($82 per barrel). In contrast, the average monthly price for the chemical raw material naphtha was $656 per metric ton, around 2% higher than the previous year ($643 per metric ton).
Compared with the previous year, gas prices in northwestern Europe rose more sharply in 2024 due to colder weather. However, the average annual price of €34.17 per MWh ($10.83 per mmBtu) was below that of 2023 (€40.52 per MWh or $12.83 per mmBtu). The average price of gas in the United States was $2.20 per mmBtu, likewise slightly lower than in the previous year ($2.54 per mmBtu.) In China, gas prices averaged around
$13.13 per mmBtu nationally (2023: $12.77 per mmBtu).
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