Oil Prices Plunge as Saudi Exports Resume, US Gas Firms Up
Oil prices continued their downward trend, falling below $99/bbl for Brent and near $89/bbl for WTI. This decline marks a six-session losing streak for Brent, its longest since August 2025, with losses exceeding 9.5% over that period.
The Saudi East-West pipeline has resumed operations, which could support expectations of resumed exports from Yanbu. However, US crude stocks rose by 1.7 million barrels in the latest API data, against forecasts for a draw of 578k barrels.
US gas prices firmed up, with Henry Hub above $3/MMBtu due to lower output in the Lower 48 states and cooler autumnal forecasts in the Northeast. However, storm-related outages may temporarily cap regional consumption.
In metals markets, China's gold imports rose by 39.3% year-on-year to 141.7 tonnes in August, with year-to-date inflows reaching a record 1,141.2 tonnes, up 72.2%. Chinese gold ETFs added about 44 tonnes through August, an 18% rise.
Copper prices extended their gains for the sixth session before a mild pullback, supported by tight China availability as Shanghai cathode inventories fell to 43,900 tonnes. In contrast, net bullish copper positions have fallen for six straight weeks, suggesting caution is warranted in this market.