New York saw a drop in oil for the 2nd day running following suppositions that the demand for oil would take a plunge. This, coupled with an amplification of fuel and crude oil stocks, comes just as the peak season for consumption is drawing to an end with the closing in of summer.
The climax of the peak driving period was concluded by the Labor Day celebrations in the US. Consequently, stocks traders are bent on decreasing petrol prices more than they are confident in an oil price increase that has not been witnessed in about 4 years.
Currently, the petrol stock supplies are about 10% greater than their amounts last year, while the crude oil stocks in US are approximately 5% higher than what they were about a year back.
The president of Austin’s Prestige Economics LLC (Texas), Jason Schenker, said that with the peak driving period coming to an end, the primary influence for the near future will be concerns and speculations on macro data.
There was a drop of 0.9% (64 cents) in the crude oil set for delivery in October which translates to $73.96 per barrel as was seen at the NY Mercantile Exchange’s e-trading by 11:22 AM New York time.
Meanwhile, there will be no further trading on the floor at the New York Mercantile Exchange (NYMEX) due to the holidaying in the US. In addition, all e-trades made will be incorporated into tomorrow’s trading session.
