For the first time in three years crude fell in New York, while gasoline increased as Hurricane Sandy made refineries stop operations.
WTI for December delivery saw a decrease of 94 cents to $85.34 a barrel in electronic trading on the NYMEX and reached $85.58 at 8:49 am London time. This year prices fell 13%. Copper continued to fell as the top two consumers, the US and China, fear that demand will weaken. Over the past three months copper for delivery decreased 0.4% to $7,791.50 a tone on the LME and reached $7,792 at 3:06 pm in Shanghai.
Last week it fell 2.4%, and reached $7,756.25 on October 26th, the biggest loss since September 7th. Refineries on the US East Coast closed ahead of Hurricane Sandy and said that they will assess damages today, October 30th, hoping to quickly resume operations.
“People are just holding back a little bit to see if there’s any real damage and impact, and at the moment it’s too hard to see,” said Bjarne Schieldrop, an analyst at SEB in Oslo. “It’s very clear that it’s a very vast energy infrastructure network in that region and it’s going to be impacted in some way, in terms of all the logistics to transport oil and oil products.”