WTI Tests $99 as Oil Dips on Saudi Exports Workaround


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Oil and product futures mostly dipped for a second 
straight day Thursday (9/17) amid easing anxieties over Middle East crude flows 
as Saudi Arabia moved to maintain its export commitments after recent attacks 
on its energy infrastructure.

   NYMEX WTI crude for October delivery fell $0.52, or 0.51%, to settle at 
$101.91 bbl, after falling to as low as $99.10 during the session.

   ICE Brent for November delivery moved down $1.01, or 0.95%, to $104.82 bbl. 
The session low was $101.53.

   Among refined products, diesel also came under pressure as NYMEX ULSD for 
October delivery eased 13.26cts, or 2.52%, to finish at $5.1139 gallon. The 
contract bottomed at $5.0046 for the day.

   Gasoline, however, bucked the broadly lower trend across the NYMEX. RBOB for 
October advanced 2.23cts, or 0.64%, to end the session at $3.5073 gallon after 
peaking at $3.5325 during the session.

   By 3:08 p.m. ET, the U.S. dollar index slid 0.024 points to 99.955 against a 
basket of currencies.

   Crude and distillate futures extended losses from the prior session on 
reports that Saudi Aramco is facilitating ship-to-ship (STS) crude transfers 
off Oman's Sohar port, circumventing disrupted Red Sea export routes out of 
Yanbu. Shuttling crude to STS hubs outside the Persian Gulf has served as a key 
logistical avenue for Middle Eastern producers navigating maritime friction 
around the Strait of Hormuz.

   Yanbu lost its main crude supply line last Friday (9/11) when multiple drone 
strikes forced the shutdown of Saudi Arabia's 7 million bpd East-West pipeline. 
While terminal storage allowed loadings to continue through early week, 
operations were ultimately suspended Wednesday.

   Reports that engineers could bypass damaged pipeline segments to restore 
roughly half of normal throughput within days further weighed on pricing, even 
as official repair timelines remain undisclosed.

   The pullback in crude comes despite persistent tightness in refined product 
markets. Energy Information Administration data released Wednesday showed U.S. 
refinery utilization holding near peak capacity, driven by record diesel 
margins. While domestic distillate inventories notched a third consecutive 
weekly build, overall stocks remain historically tight at 13.5% below year-ago 
levels.




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