This is the last week of the Summer
US driving season. With US bank holiday Labor Day coming up next monday and the UK end of August bank holiday on the Monday just gone, liquidity in oil markets is low. During such periods of low liquidity, oil market reaction to events tends to be a little larger than usual. I was quoted in the Wall Street Journal:
"On any day that you're going to have low liquidity and there's going to be a move in the market, that move is generally going to be exaggerated," said Morgan Downey (WSJ)
