Oil Price (WTI) in 2004

The oil price (WTI) rose 33.4% in 2004, from $32.51 at the end of 2003 to $43.36. Its highest close was $56.37 on Oct 26 — a record that stood until March 16, 2005, and its lowest $32.49 on Feb 6. The biggest one-day fall was −7.3% on Dec 1 and the biggest rise +6.1% on Jun 1. Adjusted for inflation, it gained 29.2%.

Change in 2004

+33.4%

$32.51 → $43.36

High

$56.37

Oct 26

Low

$32.49

Feb 6

After inflation

+29.2%

US CPI

Up days

129 of 249

longest run 5 up, 7 down

Record highs

closing records

Oil Price (WTI), daily closes 2004

Numbers mark the events below

Key Events in 2004

What happened, and how the WTI oil moved — on the day (or the next trading day) and about a month later.

1
Wednesday, March 17 From the data

Back above its pre-bear-market peak of $37.96 (February 26, 2003).
2
Friday, May 14 From the data

WTI oil sets the first of 31 record closing highs this year, at $41.42. Back above its pre-bear-market peak of $41.07 (October 11, 1990).
3
Tuesday, June 1 From the data

Biggest one-day rise of the year: +6.1%.
4
Friday, October 1 From the data

WTI oil closes above $50 for the first time ($50.16).
5
Tuesday, October 26 From the data

Last record close of the year: $56.37.
6
Wednesday, December 1 From the data

Biggest one-day fall of the year: −7.3%.
7
Thursday, December 2 From the data

Enters a bear market: 20% below its peak of $56.37 (October 26, 2004).
8
Friday, December 10 From the data

Bear market low: $40.71, 27.8% below the peak.

Biggest days of 2004

Best days		Worst days
Jun 1	+6.1%	Dec 1	−7.3%
Dec 15	+5.9%	Oct 27	−6.8%
Nov 19	+5.6%	Jun 2	−5.6%
May 24	+5.5%	Dec 2	−4.9%
Dec 17	+4.9%	Feb 26	−4.9%

Volatility: 36.4% (annualised standard deviation of daily changes).

Month by month

Month	Close	Change	High	Low
Jan	$33.16	+2.0%	$36.21	$32.86
Feb	$36.08	+8.8%	$37.28	$32.49
Mar	$35.75	−0.9%	$38.21	$35.41
Apr	$37.31	+4.4%	$37.79	$34.29
May	$39.90	+6.9%	$42.03	$38.26
Jun	$36.92	−7.5%	$42.33	$35.60
Jul	$43.72	+18.4%	$43.72	$38.37
Aug	$42.23	−3.4%	$48.66	$42.23
Sep	$49.56	+17.4%	$49.76	$42.77
Oct	$51.78	+4.5%	$56.37	$49.85
Nov	$49.16	−5.1%	$50.90	$46.10
Dec	$43.36	−11.8%	$46.31	$40.71

Other Markets in 2004

Change over the calendar year.

Market	Change	Year-end
Oil Price (WTI)	+33.4%	$43.36
Dow Jones Industrial Average in 2004	+3.1%	10,783.01
S&P 500 in 2004	+9.0%	1,211.92
Nasdaq Composite in 2004	+8.6%	2,175.44
Russell 2000 in 2004	+17.0%	651.57
Nikkei 225 in 2004	+7.6%	11,488.76
Gold in 2004	+4.6%	$435.60
Silver in 2004	+14.2%	$6.82
Brent crude oil in 2004	+33.3%	$40.38
US 10-year Treasury yield in 2004	−0.03 pp	4.24%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Oil Price (WTI) in 2004: FAQ

How much did the oil price (WTI) rise in 2004?

What were the highest and lowest closes of the oil price (WTI) in 2004?

Highest: $56.37 on October 26, 2004. Lowest: $32.49 on February 6, 2004. It closed higher on 129 of 249 trading days.

Did the oil price (WTI) reach a record high in 2004?

Yes — 31 record closing highs, the last at $56.37 on October 26, 2004.

Data: WTI Cushing spot price (EIA via FRED) from 1986, NYMEX front-month futures closes after that. Inflation: US CPI-U. Events marked "From the data" are found automatically from the closing prices; the others are researched, with the source linked. Not investment advice.