Skip to content
US Oil Gauge
Menu

Oil Prices in 2004: WTI & Brent History and Monthly Averages

WTI average
$41.51
EIA annual average
WTI vs prior year
+33.6%
2003: $31.08
Brent average
$38.26
EIA annual average
Brent vs prior year
+32.6%
2003: $28.85

WTI averaged $41.51 per barrel in 2004, up $10.43 (33.6%) from 2003; that was the highest annual average since EIA's WTI series began in 1986, and the 3rd consecutive annual increase.

Monthly average prices in 2004

Monthly averages and daily ranges, 2004 ($/bbl)
MonthWTI avgWTI highWTI lowBrent avgBrent − WTI (matched dates)WTI (September 2026 $)Brent (September 2026 $)
January$34.31$36.21$32.86$31.28−$2.96$62.42$56.91
February$34.69$37.28$32.49$30.86−$3.84$62.77$55.84
March$36.74$38.21$35.41$33.63−$3.11$66.06$60.47
April$36.75$37.79$34.29$33.59−$3.18$65.86$60.20
May$40.28$42.03$38.26$37.57−$2.68$71.77$66.94
June$38.03$42.33$35.60$35.18−$2.84$67.55$62.49
July$40.78$43.72$38.37$38.22−$2.44$72.55$67.99
August$44.90$48.66$42.23$42.74−$2.16$79.83$75.99
September$45.94$49.76$42.77$43.20−$2.61$81.51$76.65
October$53.28$56.37$49.85$49.78−$3.50$94.04$87.86
November$48.47$50.90$46.10$43.11−$5.35$85.51$76.05
December$43.15$46.31$40.71$39.60−$3.58$76.40$70.11

Monthly averages are EIA's published figures. Brent − WTI is the average over dates with both prices published, so it can differ from the difference between the two monthly averages. Inflation-adjusted columns use CPI-U for each month, expressed in September 2026 dollars; “—” means CPI-U for that month is not available.

From $32.49 on Feb 6, 2004, WTI climbed to $56.37 by Oct 26, 2004, a 73% gain. The steepest fall within the year ran from $56.37 on Oct 26, 2004 to $40.71 on Dec 10, 2004, a 28% drop. Second-half prices averaged $46.06, up from $36.84 in the first half. Between September and October the monthly average rose $7.34, the largest month-to-month change of the year.

Brent traded below WTI throughout 2004: its monthly average was lower in every month, and on the 249 matched dates it averaged $3.17 less. Brent averaged $38.26, up $9.41 (32.6%) from 2003.

The monthly average was lowest in January ($34.31) and highest in October ($53.28). In September 2026 dollars (CPI-U), the 2004 average is $74.04, higher than 2025's real average by $5.61 (8.2%). The 2000s as a whole averaged $51.10, so 2004 ran below its decade. Of 40 complete years with an EIA annual average, 2004 ranks 20th lowest.

2004 summary statistics

MeasureWTIBrentBrent − WTI
Average$41.51$38.26−$3.17
Change vs 2003 average+$10.43+$9.41−$0.94
Highest daily price$56.37 Oct 26, 2004$52.28 Oct 22, 2004—
Lowest daily price$32.49 Feb 6, 2004$29.02 Feb 5, 2004—
Highest daily spread——−$0.98 Aug 4, 2004
Lowest daily spread——−$7.63 Nov 15, 2004
First observation$33.71 Jan 5, 2004$29.55 Jan 2, 2004—
Last observation$43.36 Dec 30, 2004$40.38 Dec 31, 2004—
Published daily observations249261249 matched
Average in September 2026 dollars$74.04$68.24—

Daily spot prices in 2004

Show all 261 dates (Jan 2, 2004 – Dec 31, 2004)
DateWTIBrentBrent − WTI
Jan 2, 2004—$29.55—
Jan 5, 2004$33.71$32.30−$1.41
Jan 6, 2004$33.54$31.20−$2.34
Jan 7, 2004$33.57$30.99−$2.58
Jan 8, 2004$34.27$31.11−$3.16
Jan 9, 2004$34.38$31.91−$2.47
Jan 12, 2004$34.92$31.41−$3.51
Jan 13, 2004$34.26$32.55−$1.71
Jan 14, 2004$34.62$31.84−$2.78
Jan 15, 2004$33.61$31.43−$2.18
Jan 16, 2004$35.16$31.26−$3.90
Jan 19, 2004—$31.67—
Jan 20, 2004$36.21$32.26−$3.95
Jan 21, 2004$35.53$31.95−$3.58
Jan 22, 2004$35.12$31.42−$3.70
Jan 23, 2004$34.94$32.08−$2.86
Jan 26, 2004$34.41$31.15−$3.26
Jan 27, 2004$33.99$31.05−$2.94
Jan 28, 2004$33.63$30.77−$2.86
Jan 29, 2004$32.86$29.47−$3.39
Jan 30, 2004$33.16$29.53−$3.63
Feb 2, 2004$34.02$30.30−$3.72
Feb 3, 2004$34.20$30.07−$4.13
Feb 4, 2004$33.06$29.63−$3.43
Feb 5, 2004$33.26$29.02−$4.24
Feb 6, 2004$32.49$29.26−$3.23
Feb 9, 2004$32.91$29.10−$3.81
Feb 10, 2004$34.03$30.06−$3.97
Feb 11, 2004$33.93$30.33−$3.60
Feb 12, 2004$34.03$30.17−$3.86
Feb 13, 2004$34.51$30.96−$3.55
Feb 16, 2004—$31.08—
Feb 17, 2004$35.13$31.43−$3.70
Feb 18, 2004$35.42$31.57−$3.85
Feb 19, 2004$35.81$31.63−$4.18
Feb 20, 2004$35.80$31.22−$4.58
Feb 23, 2004$35.75$31.89−$3.86
Feb 24, 2004$35.85$31.60−$4.25
Feb 25, 2004$37.28$32.46−$4.82
Feb 26, 2004$35.45$32.45−$3.00
Feb 27, 2004$36.08$32.94−$3.14
Mar 1, 2004$36.85$33.34−$3.51
Mar 2, 2004$36.60$34.15−$2.45
Mar 3, 2004$35.80$33.32−$2.48
Mar 4, 2004$36.81$33.45−$3.36
Mar 5, 2004$37.31$34.40−$2.91
Mar 8, 2004$36.53$34.27−$2.26
Mar 9, 2004$36.29$33.72−$2.57
Mar 10, 2004$36.21$32.83−$3.38
Mar 11, 2004$36.95$33.22−$3.73
Mar 12, 2004$36.21$32.76−$3.45
Mar 15, 2004$37.44$34.39−$3.05
Mar 16, 2004$37.36$34.72−$2.64
Mar 17, 2004$38.21$34.95−$3.26
Mar 18, 2004$37.81$34.43−$3.38
Mar 19, 2004$38.09$34.33−$3.76
Mar 22, 2004$37.12$33.57−$3.55
Mar 23, 2004$37.81$34.40−$3.41
Mar 24, 2004$37.06$34.14−$2.92
Mar 25, 2004$35.67$33.32−$2.35
Mar 26, 2004$35.61$32.51−$3.10
Mar 29, 2004$35.41$32.04−$3.37
Mar 30, 2004$36.15$33.04−$3.11
Mar 31, 2004$35.75$32.29−$3.46
Apr 1, 2004$34.47$32.59−$1.88
Apr 2, 2004$34.39$31.19−$3.20
Apr 5, 2004$34.29$31.17−$3.12
Apr 6, 2004$35.09$31.48−$3.61
Apr 7, 2004$36.28$33.07−$3.21
Apr 8, 2004$37.14$33.98−$3.16
Apr 9, 2004—$34.03—
Apr 12, 2004$37.79$34.51−$3.28
Apr 13, 2004$37.09$34.15−$2.94
Apr 14, 2004$36.62$33.54−$3.08
Apr 15, 2004$37.74$33.72−$4.02
Apr 16, 2004$37.70$33.85−$3.85
Apr 19, 2004$37.46$34.71−$2.75
Apr 20, 2004$37.61$33.56−$4.05
Apr 21, 2004$36.61$33.23−$3.38
Apr 22, 2004$37.70$33.24−$4.46
Apr 23, 2004$37.22$33.78−$3.44
Apr 26, 2004$37.02$34.18−$2.84
Apr 27, 2004$37.49$34.11−$3.38
Apr 28, 2004$37.23$35.02−$2.21
Apr 29, 2004$37.50$34.66−$2.84
Apr 30, 2004$37.31$35.23−$2.08
May 3, 2004$38.26$34.97−$3.29
May 4, 2004$38.86$36.07−$2.79
May 5, 2004$39.69$36.58−$3.11
May 6, 2004$39.41$37.05−$2.36
May 7, 2004$39.98$37.25−$2.73
May 10, 2004$38.90$35.83−$3.07
May 11, 2004$40.30$36.97−$3.33
May 12, 2004$40.30$37.95−$2.35
May 13, 2004$40.94$38.30−$2.64
May 14, 2004$41.42$39.04−$2.38
May 17, 2004$41.53$38.88−$2.65
May 18, 2004$40.32$38.43−$1.89
May 19, 2004$41.61$38.35−$3.26
May 20, 2004$40.92$38.89−$2.03
May 21, 2004$39.83$37.60−$2.23
May 24, 2004$42.03$39.22−$2.81
May 25, 2004$41.45$38.46−$2.99
May 26, 2004$40.60$38.05−$2.55
May 27, 2004$39.25$37.03−$2.22
May 28, 2004$39.90$37.00−$2.90
May 31, 2004—$37.00—
Jun 1, 2004$42.33$39.05−$3.28
Jun 2, 2004$39.96$37.99−$1.97
Jun 3, 2004$39.29$36.26−$3.03
Jun 4, 2004$38.44$35.97−$2.47
Jun 7, 2004$38.72$35.57−$3.15
Jun 8, 2004$37.18$35.47−$1.71
Jun 9, 2004$37.60$34.69−$2.91
Jun 10, 2004$38.45$35.75−$2.70
Jun 11, 2004—$35.23—
Jun 14, 2004$37.58$35.22−$2.36
Jun 15, 2004$37.18$34.66−$2.52
Jun 16, 2004$37.33$34.56−$2.77
Jun 17, 2004$38.51$35.58−$2.93
Jun 18, 2004$38.68$35.43−$3.25
Jun 21, 2004$37.69$34.82−$2.87
Jun 22, 2004$38.11$34.95−$3.16
Jun 23, 2004$37.56$34.81−$2.75
Jun 24, 2004$37.81$34.71−$3.10
Jun 25, 2004$37.34$34.25−$3.09
Jun 28, 2004$36.25$33.24−$3.01
Jun 29, 2004$35.60$32.61−$2.99
Jun 30, 2004$36.92$33.22−$3.70
Jul 1, 2004$38.56$35.58−$2.98
Jul 2, 2004$38.37$35.36−$3.01
Jul 5, 2004—$35.73—
Jul 6, 2004$39.56$36.47−$3.09
Jul 7, 2004$39.18$35.62−$3.56
Jul 8, 2004$40.27$37.13−$3.14
Jul 9, 2004$39.90$37.58−$2.32
Jul 12, 2004$39.30$37.73−$1.57
Jul 13, 2004$39.55$36.68−$2.87
Jul 14, 2004$40.98$37.51−$3.47
Jul 15, 2004$40.70$38.41−$2.29
Jul 16, 2004$41.10$38.49−$2.61
Jul 19, 2004$41.55$39.07−$2.48
Jul 20, 2004$40.86$38.96−$1.90
Jul 21, 2004$40.63$38.48−$2.15
Jul 22, 2004$41.51$39.16−$2.35
Jul 23, 2004$41.82$39.59−$2.23
Jul 26, 2004$41.45$39.75−$1.70
Jul 27, 2004$41.83$40.09−$1.74
Jul 28, 2004$42.81$41.08−$1.73
Jul 29, 2004$42.69$40.93−$1.76
Jul 30, 2004$43.72$41.47−$2.25
Aug 2, 2004$43.83$41.35−$2.48
Aug 3, 2004$44.13$41.82−$2.31
Aug 4, 2004$42.73$41.75−$0.98
Aug 5, 2004$44.39$42.49−$1.90
Aug 6, 2004$43.95$42.63−$1.32
Aug 9, 2004$44.86$43.21−$1.65
Aug 10, 2004$44.51$42.50−$2.01
Aug 11, 2004$44.72$42.45−$2.27
Aug 12, 2004$45.52$43.50−$2.02
Aug 13, 2004$46.61$44.13−$2.48
Aug 16, 2004$46.02$44.35−$1.67
Aug 17, 2004$46.75$44.05−$2.70
Aug 18, 2004$47.36$44.12−$3.24
Aug 19, 2004$48.66$44.84−$3.82
Aug 20, 2004$47.60$45.46−$2.14
Aug 23, 2004$46.00$44.39−$1.61
Aug 24, 2004$45.68$42.99−$2.69
Aug 25, 2004$43.83$42.39−$1.44
Aug 26, 2004$43.06$40.65−$2.41
Aug 27, 2004$43.11$40.72−$2.39
Aug 30, 2004$42.32$40.78−$1.54
Aug 31, 2004$42.23$39.80−$2.43
Sep 1, 2004$43.89$40.96−$2.93
Sep 2, 2004$44.04$42.39−$1.65
Sep 3, 2004$43.94$41.07−$2.87
Sep 6, 2004—$40.40—
Sep 7, 2004$43.18$40.19−$2.99
Sep 8, 2004$42.77$39.91−$2.86
Sep 9, 2004$44.53$41.45−$3.08
Sep 10, 2004$42.84$41.03−$1.81
Sep 13, 2004$43.86$40.63−$3.23
Sep 14, 2004$44.62$41.34−$3.28
Sep 15, 2004$43.83$42.03−$1.80
Sep 16, 2004$44.03$40.68−$3.35
Sep 17, 2004$45.63$43.08−$2.55
Sep 20, 2004$46.33$43.60−$2.73
Sep 21, 2004$47.11$44.56−$2.55
Sep 22, 2004$48.41$45.66−$2.75
Sep 23, 2004$48.37$46.53−$1.84
Sep 24, 2004$48.86$46.13−$2.73
Sep 27, 2004$49.56$46.87−$2.69
Sep 28, 2004$49.76$47.52−$2.24
Sep 29, 2004$49.53$46.54−$2.99
Sep 30, 2004$49.56$47.76−$1.80
Oct 1, 2004$50.16$46.86−$3.30
Oct 4, 2004$49.85$46.99−$2.86
Oct 5, 2004$51.08$47.10−$3.98
Oct 6, 2004$51.98$47.95−$4.03
Oct 7, 2004$52.56$48.98−$3.58
Oct 8, 2004$53.40$49.41−$3.99
Oct 11, 2004$53.65$50.75−$2.90
Oct 12, 2004$53.49$51.28−$2.21
Oct 13, 2004$53.86$50.42−$3.44
Oct 14, 2004$54.69$51.31−$3.38
Oct 15, 2004$54.89$51.02−$3.87
Oct 18, 2004$53.59$49.16−$4.43
Oct 19, 2004$53.28$49.21−$4.07
Oct 20, 2004$54.93$50.78−$4.15
Oct 21, 2004$54.51$51.06−$3.45
Oct 22, 2004$55.83$52.28−$3.55
Oct 25, 2004$55.52$51.68−$3.84
Oct 26, 2004$56.37$52.04−$4.33
Oct 27, 2004$52.52$49.99−$2.53
Oct 28, 2004$50.95$48.88−$2.07
Oct 29, 2004$51.78$48.16−$3.62
Nov 1, 2004$50.10$46.84−$3.26
Nov 2, 2004$49.60$46.25−$3.35
Nov 3, 2004$50.90$46.14−$4.76
Nov 4, 2004$48.80$45.32−$3.48
Nov 5, 2004$49.65$44.37−$5.28
Nov 8, 2004$49.10$44.78−$4.32
Nov 9, 2004$47.40$43.27−$4.13
Nov 10, 2004$48.70$42.57−$6.13
Nov 11, 2004$47.50$42.22−$5.28
Nov 12, 2004$47.30$41.33−$5.97
Nov 15, 2004$46.95$39.32−$7.63
Nov 16, 2004$46.10$40.48−$5.62
Nov 17, 2004$46.85$40.27−$6.58
Nov 18, 2004$46.30$40.80−$5.50
Nov 19, 2004$48.90$42.29−$6.61
Nov 22, 2004$48.48$42.26−$6.22
Nov 23, 2004$48.74$43.03−$5.71
Nov 24, 2004$49.14$42.62−$6.52
Nov 25, 2004—$43.12—
Nov 26, 2004—$42.87—
Nov 29, 2004$49.71$44.05−$5.66
Nov 30, 2004$49.16$44.23−$4.93
Dec 1, 2004$45.56$41.19−$4.37
Dec 2, 2004$43.31$38.49−$4.82
Dec 3, 2004$42.56$38.57−$3.99
Dec 6, 2004$42.96$38.43−$4.53
Dec 7, 2004$41.51$37.11−$4.40
Dec 8, 2004$41.96$36.90−$5.06
Dec 9, 2004$42.41$38.33−$4.08
Dec 10, 2004$40.71$37.24−$3.47
Dec 13, 2004$41.06$36.77−$4.29
Dec 14, 2004$41.76$37.03−$4.73
Dec 15, 2004$44.21$41.53−$2.68
Dec 16, 2004$44.16$41.49−$2.67
Dec 17, 2004$46.31$43.06−$3.25
Dec 20, 2004$45.57$42.67−$2.90
Dec 21, 2004$45.76$42.76−$3.00
Dec 22, 2004$44.05$40.44−$3.61
Dec 23, 2004$42.19$40.29−$1.90
Dec 24, 2004—$39.60—
Dec 27, 2004$41.26$39.60−$1.66
Dec 28, 2004$41.78$40.24−$1.54
Dec 29, 2004$43.69$38.93−$4.76
Dec 30, 2004$43.36$39.80−$3.56
Dec 31, 2004—$40.38—

“—” means EIA published no price for that benchmark on that date.

Source and methodology

ProviderSeriesUnitsCoverageLatest observation
U.S. Energy Information AdministrationRWTC — WTI spot price FOB$/bblJan 5, 2004 – Dec 30, 2004Dec 30, 2004
U.S. Energy Information AdministrationRBRTE — Brent spot price FOB$/bblJan 2, 2004 – Dec 31, 2004Dec 31, 2004
U.S. Bureau of Labor StatisticsCUUR0000SA0 — CPI-U, all items, NSAindex, 1982–84=100monthly and annual averageSeptember 2026

Inflation adjustment: real = nominal × CPI-U(September 2026) ÷ CPI-U(period). Annual figures use the BLS annual average CPI-U; a year without one uses the mean of the months published so far.

Last updated: Oct 21, 2026, 5:27 PM CDT. Raw values are shown in source units; any conversion is labeled. See methodology and data sources.

Download:2004 daily prices (CSV)