3 hrs ago
Oil Prices Slide as Saudi Export Routes Ease Supply Fears
Oil prices went down sharply on Thursday, September 17.
The U.S. oil price called WTI fell below $100 per barrel.
The international oil price called Brent also became cheaper.
Traders were less worried that Saudi Arabia would be unable to ship enough oil.
Saudi Arabia arranged more oil deliveries to Asian refiners near Sohar, Oman.
These deliveries used ship-to-ship transfers.
An attack had disrupted part of Saudi Arabia’s East-West pipeline.
The United States energy secretary said the pipeline problem should last only days.
Earlier, shipments from Yanbu had stopped and some deliveries to Europe were canceled.
WTI crude fell 2.94% to $99.42 a barrel, moving below $100.
Brent crude dropped 3.55% to $102.07 a barrel on September 17.
Saudi Arabia made additional crude cargoes available to Asian refiners through ship-to-ship transfers near Oman’s Sohar port.
The alternative shipments helped offset disruption from attacks on Saudi Arabia’s East-West pipeline to the Red Sea.
The Red Sea terminal at Yanbu had halted loadings, while Saudi Arabia canceled some shipments to European customers.
- Who
- Saudi Arabia, Asian refiners, and U.S. Energy Secretary Chris Wright were central to the developments.
- What
- Oil prices fell as alternative Saudi export routes eased concerns about supply disruptions.
- Where
- Oil markets, Saudi Arabia, Yanbu, and ship-to-ship transfer operations near Sohar, Oman.
- When
- Thursday, September 17; the cited prices were reported at about 5:46–5:50 p.m.
- Why
- Prices declined because additional Saudi cargoes became available and the pipeline outage was described as brief and temporary.
Key facts
- WTI price
- $99.42 per barrel, down 2.94%
- Brent price
- $102.07 per barrel, down 3.55%
- WTI trading range
- $99.10 to $102.47
- Brent trading range
- $101.55 to $106.02
- Alternative export route
- Ship-to-ship transfers near Sohar, Oman
- Pipeline disruption
- The East-West pipeline outage was described by Chris Wright as brief and temporary.
- Yanbu shipments
- Crude loadings were halted, and some European shipments were canceled.
Quotes
Chris Wright
US Energy Secretary commenting on the expected duration of the Saudi pipeline outage
“will be measured in days”
CNBC TV 18
Sources
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