Oil prices on Monday, September 6, changed in different directions. In the U.S. stock market session yesterday in connection with the celebration of Labor Day was not done. However, in electronic trading on the American variety WTI became cheaper in the background of concerns about demand, which was caused by the end of the driving season in the U.S.. In London, oil prices rose, reflecting traders' opinion that the fundamentals of this market in Europe is somewhat better than in the United States.
As a result of trading on September 6 at the InterContinental Exchange in London, the October contract for Brent Crude oil rose by 0.2 dollars, closed at 76.87 dollars per barrel. In electronic trading on the New York Mercantile Exchange at 19-20 Moscow time before the price of a futures contract for WTI crude oil varieties for delivery in October dropped to 0.64 dollars - up to 73.96 dollars per barrel.
Labor Day in the United States caused by investors in the oil market is far from celebratory mood. Marking the end of the summer driving season in the country, this day has deprived the market participants remaining hopes for recovery in demand for "black gold". In conjunction with anecdotal evidence slow recovery of the U.S. economy and high oil this fact is very adversely affected by the dynamics of prices on brand WTI.
"U.S. crude oil futures fall under significant pressure against the end of driving season and high oil reserves, while the pessimistic employment data continue to destroy the hopes for economic recovery - said the head of department for the Exploration of the energy market consulting firm JBC Energy. - I do not I see no reason for growth. All the fundamentals are very weak. "
Meanwhile, further pressure on oil quotations could have a coming period of planned maintenance at refineries, the U.S. and Europe. "In the coming weeks and in the first half of October, scheduled maintenance at the refinery will be constrained by the demand for oil," - warn analysts Morgan Stanley.
Several best situation is observed on the eve of the auction in London: traders win back the idea that the fundamentals London Brent slightly better than WTI. "Temporary spreads for WTI, is likely to remain weak in September, and perhaps will continue to weaken further, given that the start of the season scheduled maintenance may cause an increase in oil reserves. Spreads to Brent crude also come under pressure, but price declines will be limited ability to store oil in floating storage costs 0,65-0,75 $ / bbl. a month "- believed to Morgan Stanley.
