(New York) Oil prices ended down on Friday, in a market still marked by profit-taking after the surge of recent weeks, but which remains firm and is experiencing tensions on diesel.
The price of a barrel of Brent from the North Sea for delivery in November, which was the last day of trading, fell by 0.07%, to close at $95.31.
The American West Texas Intermediate (WTI) of the same maturity lost 1.00%, to $90.79.
This decline is “linked to profit taking,” explained Stephen Schork, of Schork Group. “Those who were positioned to the upside wanted to monetize their gains and put them in their accounts for the third quarter. »
Friday thus corresponded to the last session of the quarter, a period which often sees portfolio adjustments, and was also the last day of quotation of the November contract for Brent.
“The brokers realized quite quickly that the time had not come for the barrel to cross 100 dollars,” commented, in a note, Edward Moya, of Oanda.
“But the fundamentals haven’t changed,” said Stephen Schork, “and I still think we could pass $100 by the end of the year. »
“Oil is not going to experience a major correction, because the market remains tense, with restrictions on Russian exports and Chinese National Day celebrations which will increase demand for kerosene,” thinks Edward Moya.
“Golden Week”, the week which marks the Chinese National Day starting Friday, is a highlight for traveling in China.
Furthermore, according to data analyzed by the Bloomberg agency, Russia plans not to export diesel in October, except to four former Soviet republics.
The Russian government announced last week the suspension of its exports of diesel and gasoline until further notice, with a few exceptions.
On Friday, the wholesale price of American diesel for delivery to New York rose 1.58% and fuel oil, 1.02%. In three days, diesel gained more than 4%.
The contraction in diesel supply comes at a time when demand traditionally tends to pick up, with the corn and soybean harvests in the United States, but also as winter approaches.
“If we have a cold snap in October or November, it can really shake up the market,” warned Stephen Schork.