Oil Prices in May 2004: WTI & Brent Daily Prices and Monthly Average
At $40.28 per barrel, May 2004's WTI average was the highest monthly average in nominal terms since EIA's records began in 1986, up $3.53 (9.6%) from April 2004. The average was 43% above the $28.11 of May 2003.
Daily spot prices, May 2004
Chart data table (21 rows)
| Period | WTI | Brent |
|---|---|---|
| May 31, 2004 | — | $37.00 |
| May 28, 2004 | $39.90 | $37.00 |
| May 27, 2004 | $39.25 | $37.03 |
| May 26, 2004 | $40.60 | $38.05 |
| May 25, 2004 | $41.45 | $38.46 |
| May 24, 2004 | $42.03 | $39.22 |
| May 21, 2004 | $39.83 | $37.60 |
| May 20, 2004 | $40.92 | $38.89 |
| May 19, 2004 | $41.61 | $38.35 |
| May 18, 2004 | $40.32 | $38.43 |
| May 17, 2004 | $41.53 | $38.88 |
| May 14, 2004 | $41.42 | $39.04 |
| May 13, 2004 | $40.94 | $38.30 |
| May 12, 2004 | $40.30 | $37.95 |
| May 11, 2004 | $40.30 | $36.97 |
| May 10, 2004 | $38.90 | $35.83 |
| May 7, 2004 | $39.98 | $37.25 |
| May 6, 2004 | $39.41 | $37.05 |
| May 5, 2004 | $39.69 | $36.58 |
| May 4, 2004 | $38.86 | $36.07 |
| May 3, 2004 | $38.26 | $34.97 |
The month's range ran from $38.26 on May 3, 2004 to $42.03 on May 24, 2004; the last price was $39.90 on May 28, 2004. The largest one-day move was +$2.20 on May 24, 2004 (+5.5%).
Brent traded below WTI on average this month: $37.57 for the month, $2.68 under WTI across 20 matched dates.
Adjusted with CPI-U, the May 2004 average equals $71.77 in September 2026 dollars.
May 2004 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $40.28 | $37.57 |
| Change vs April 2004 | +$3.53 | +$3.98 |
| Change vs May 2003 | +$12.17 | +$11.71 |
| Highest daily price | $42.03 May 24, 2004 | $39.22 May 24, 2004 |
| Lowest daily price | $38.26 May 3, 2004 | $34.97 May 3, 2004 |
| Published daily observations | 20 | 21 |
| Average in September 2026 dollars (CPI-U) | $71.77 | $66.94 |
Monthly averages are EIA's published figures. Real figures use CPI-U for May 2004.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | May 3, 2004 – May 28, 2004 | May 28, 2004 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | May 3, 2004 – May 31, 2004 | May 31, 2004 |
| U.S. Bureau of Labor Statistics | CUUR0000SA0 — CPI-U, all items, NSA | index, 1982–84=100 | monthly | September 2026 |
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)