Oil Prices Slide as Traders Bet on Iran Diplomacy
Strait of Hormuz Shipping Traffic Falls Further as Saudi Oil Flows Rise What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Crude oil prices started the week with a slide, moving down to the lowest in a week on renewed hopes about a diplomatic resolution of the war in the Middle East, despite the absence of any evidence that there is willingness for negotiations on either side.
At the time of writing,Brent crudewas trading at $102.05 per barrel, andWest Texas Intermediatewas changing hands for $98.50 per barrel, as traders pinned their hopes on a UN meeting this week, despite the fact that Washington and Tehran traded fresh threats this weekend.
president threatened Iran with economic collapse and regime failure unless it agreed to make a deal, to which Iran responded with a threat of its own, saying it would give a harsh response to any U.S.
attack, according to a Reutersreportfrom earlier today.
Meanwhile, the Yemeni Houthis have escalated their offensive against Saudi Arabia, hitting a number of targets in the country over the weekend, including the capital, Riyadh.
This should have been bullish for oil as the war expands and escalates in two of the world’s biggest oil chokepoints, but hope, once again, has taken the upper hand—even though there is little basis for it.
“It seems that a degree of risk premium is being removed from oil prices on hopes that a diplomatic path to de-escalate the US-Iran war may arrive this week,” KCM Trade chief market analyst Tim Waterer said today, asquotedby Reuters.
“Whether that hope proves to be warranted or not is another question.
Time will tell.” In some much-needed positive news for oil markets, Saudi Arabia has managed to redirect its oil flows, achieving a daily export rate via the Strait of Hormuz of 2.9 million barrels daily over the past week, according to JP Morgan.
That compares to 700,000 barrels daily in August, the bank noted.
Macron Calls for Another Emergency Oil Release as Europe Loses Supply Strait of Hormuz Shipping Traffic Falls Further as Saudi Oil Flows Rise What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Saudi Arabia Cuts Europe Off From October Crude as Gulf Exports Surge Bessent Says Strait of Hormuz Obsolete Within Two Years White House Weighs Defense Production Act as U.S.
Refineries Maxed Out Saudi Arabia Discovers 110 Million Tonnes of Uranium-Bearing Ore Satellite Images Show Seven Tankers Loading Iraqi Crude at Once The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment