(New York) Oil prices managed to pull off a small increase on Monday, but the momentum at the start of the session waned, a sign of running out of steam in a market that has been incandescent for three weeks.
The price of a barrel of Brent from the North Sea for delivery in November gained 0.53%, to close at $94.43.
As for a barrel of West Texas Intermediate (WTI), due in October, it gained 0.78%, to $91.48.
Brent gained up to 2.17% and WTI, 1.71%, before decelerating, falling, for a time, into the red, before a final burst.
It was the 14e positive session for the WTI in 17 trading days, a rare sequence, especially since the three declines recorded during this period were moderate.
“There may still be a little juice to extract from this rally, but operators who were trending upwards will probably want to take some profits soon,” warned Matthew Weller of StoneX.
The symbolic threshold of 100 dollars per barrel for Brent is mentioned more and more regularly, but analysts see the movement falling before then.
“We lost momentum” during the session, noted Robert Yawger of Mizuho, who pointed out that speculative brokers increased their long positions to a 15-month high. “They want to go to the moon, but they won’t get there. »
If supply remains constrained by the commitment of Saudi Arabia and Russia to deprive the market of 1.3 million barrels per day until the end of the year, demand is starting to show signs of relaxation.
The latest report on American crude stocks showed, last week, a greater than expected increase in reserves, of 4 million barrels compared to 2.5 million expected, a first indicator.
On Monday, while black gold remained in the green, American diesel slipped (-3%), in proportions more observed since January. Fuel oil also fell (-2.7%), this drop in the price of the two petroleum products making crude oil refining less attractive.
“When the gap [entre le prix du brut et celui des produits raffinés] is reduced, refiners slow down and these barrels are stored,” which puts crude prices under pressure, according to Robert Yawger.
“I would not be surprised to see a decline towards 85 dollars” for WTI, anticipates the analyst.
Mid-September also corresponds, for many refineries, to the start of the half-yearly maintenance period, which causes temporary site closures, before entering the cold season.