Oil futures fell sharply from June to Tuesday due to a continuing rise in corona virus cases, the end of the US summer holiday driving season and reports that Saudi Arabia plans to reduce its oil prices in October. .
U.S. Benchmark, CL1 for West Texas Intermediate Crude October Delivery,
At the New York Mercantile Exchange, the barrel was at $ 3.01, or 7.6%, at $ 36.76. November Brent crude BRN.1,
When US markets closed for Labor Day, the global benchmark, after a 1.5% decline on Monday, was $ 2.13 or 5.1% at $ 39.88 a barrel in ICE futures Europe.
According to Factset data, both crude definitions were ready to represent the lowest pre-monthly contract settlements since June.
Crude pressure was put on Monday after Saudi Arabia cut official selling prices for Asian buyers, analysts said, taking it as a sign of weak demand.
Crude oil prices from Asia are expected to fall by $ 1 to $ 2 a barrel. Market sources told S&P Global Platts in the last week of August.
The market needs to be of major concern, as China has re-launched in the past months and significant new Chinese purchases do not appear to be on the market at the moment, ”said Warren Patterson, head of global products at ING.
He noted that after the volumes registered in June, customs data showed that Chinese crude imports averaged 11.23 million barrels in August, down from 12.13 million barrels in July, to 12.99 million barrels seen in June. On an annual basis, imports are up 13%.
With the end of the U.S. driving season, the end of Memorial Day and Labor Day, oil prices are falling, indicating a seasonal weakness in demand for gasoline.
Daniel Flynn, market analyst at The Price Futures Group, said: ”
So, “If the states are to reopen, we need to find businesses and increase the volume expected before this dream,” he said in a daily statement.
Nymexil, October petrol RBV20,
October heating oil HOV20, down 6.1% to $ 1.1047 a gallon.
Was down 6.9% at $ 1.0718 per gallon.
October Natural Gas Futures NGV20,
$ 2.512 per million British heating units, down 2.9%.