NEW YORK: Oil futures eased about 1% on Thursday (Sept 28), as traders took profits after prices soared to 10-month highs, and some worried that high ...
Oil futures eased about 1% on Thursday , as traders took profits after prices soared to 10-month highs, and some worried that high interest rates may weigh on oil demand.
“Oil was ripe for a pullback. After coming a few dollars short of the US$100 level, energy traders are quickly locking in profits,” Edward Moya, senior market analyst at data and analytics firm Oanda, said in a note. The US economy maintained a fairly strong 2.1% pace of growth in the second quarter and appears to have gathered momentum this quarter with a resilient labour market driving strong wage gains.
The premium of the WTI front-month over the second month held near a 14-month high for a second day. The market structure called backwardation occurs when spot prices are higher than future prices, giving energy firms little incentive to pay to store fuel for future months. “In the absence of a demand shock, it might take a sustained further narrowing of the WTI-Brent spread for a material turnaround in storage level at Cushing to occur,” Barclays said.
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