CRUDE WRAP: WTI (V6) SETTLES USD 0.18 HIGHER AT USD 91.48/BBL; BRENT (X6) SETLES USD 0.76 HIGHER AT USD 96.28/BBL
Newsquawk ·
The crude complex traded higher, amid a lack of de-escalatory or escalatory remarks from the US or Iran . Into the long weekend in the US, due to the Labor Day holiday, participants may have wanted to take risk off the table. Nonetheless, benchmarks were able to pare downside amid unconfirmed social media reports of missile launches from Iran, which was followed by reports of explosions being heard in Jordan. As mentioned, and while US/Iran newsflow was light, Axios reported that the Trump admin is drafting a post-war Middle East plan; reports noted that while the plan is still in the early stages of drafting, it's intended to guide the US approach in the Middle East after the Iran war ends and in the final two years of Trump's term. Elsewhere, the weekly Baker Hughes rig count saw oil up 2 at 449, natgas down 2 at 130, leaving the total unchanged at 588. For the record, WTI traded between USD 88.72-92.17/bbl and Brent USD 93.15-96.24/bbl.
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