Weakness of Oil Stocks Drives WTI Up 2.30/B in Two Days

摘要

After having lost around four or five dollars relative to the all-time highs attained at the end of September, the futures prices of the light reference crudes rebounded strongly on 9 October. On the New York Mercantile Exchange, the price of light sweet crude for November gained 1.24/b, taking it above the psychologically significant 80/b mark again to close at 80.26/b. At the same time, on the ICE Futures market in London Brent rose by 0.91/b to 77.49/b, also for November contracts. The prices of all crude contracts quoted on these markets also moved up on 9 October, recording increases of between 0.85/b and 1.24/b on the Nymex and between 0.36/b and 0.94/b on ICE Futures. On both sides of the Atlantic, the highest prices were for November contracts. The upsurge continued on 10 October, with light sweet crude gaining 1.04/b to 81.30/b and Brent 1.11/b to 78.60/b. In the space of two days, therefore, prices rose by 2.28/b in New York and by 2.02/b in London, thus wiping out the sharp drop recorded on 8 October, when Brent had lost 2.32/b and light sweet crude 2.20/b.