The price of the global crude benchmark, Brent, is once again toiling around $100/barrel as its reasons for trading much beyond the psychological 3-digit mark are being eroded. It is so very hard to complete a picture on how many oil tankers are making passage through Hormuz for the data is retrospective rather than live.
There was a sigh of relief, perhaps even some cork-popping, in Washington, D.C., on Friday afternoon. The arsonist, posing as a firefighter, extinguished the fire by coercing its partners to open the water—well, the diesel spigot. The Administration granted the US oil industry’s wish.
This is the place where the previous month’s happenings are summed up, and conclusions are drawn about what they might mean for the immediate future. Notwithstanding the usual turbulence observed in September, the first part is comparatively easy. The second part is not.
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