WTI Below $100 bbl on Likelihood of U.S.-Iran Summit


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- U.S. crude futures dipped beneath $100 bbl Monday 
(9/21), leading a broad slide in energy market premiums, as the likelihood of a 
U.S. and Iranian summit loomed while the Middle East war edged toward its 
eighth month.

   U.S. President Donald Trump and Iranian President Masoud Pezeshkian could 
have their first face-to-face meeting at this week's United Nations General 
Assembly in New York this week, with Trump reportedly telling a news channel 
that he would "probably" be open to a sit-down with his Iranian counterpart.

   Pezeshkian is scheduled to address the assembly on Tuesday regarding the 
Middle East conflict and hold diplomatic talks on the sidelines later.

   By 9:12 a.m. ET, NYMEX WTI crude for October delivery fell $3.34, or 3.42%, 
to $96.96 bbl. The session low was $96.79. 

   ICE Brent for November delivery moved down $2.96, or 2.87%, to $100.91 bbl. 
It reached as low as $100.20 earlier in the day.

   Downstream, NYMEX ULSD for October delivery eased $0.1270, or 2.91%, to 
$4.9308 gallon. The session low was $4.8719.

   RBOB for October retreated $0.0397, or 1.09%, to $3.4879 gallon. It dropped 
to as low as $3.4150 for the session.  

   Energy markets took their cue from Tehran's submission of a seven-point 
proposal to Washington via Qatari intermediaries to re-establish formal 
negotiations. The Iranians are demanding a total end to military operations, 
the unfreezing of Iranian state assets, and an immediate lifting of the naval 
blockade.

   Despite the looming diplomatic overtures, physical supply risks remain 
active across key Middle East infrastructure. Yemen's Houthi forces launched 
fresh strikes over the weekend against targets in Riyadh and a Saudi Aramco 
facility in Yanbu.

   Chinese officials have reportedly pressured Tehran to curb Houthi aggression 
in the Red Sea, following direct appeals from Riyadh.

   Equipment damage along Aramco's 7 million bpd East-West pipeline has forced 
the state oil giant to shift export allocations back toward Persian Gulf 
terminals.

   Secondary tracking and satellite data indicate Saudi crude flows moving 
through the Strait of Hormuz averaged 2.9 million bpd over the past six days, 
versus the 700,000 bpd monthly average recorded in August.




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