Oil back at those June Highs:
WTI 93.036 2.026 2.23%
Brent 97.151 1.521 1.59%
Gasoline 3.1042 0.0004 0.01%
Note the safe haven bid in PM’s
#Gold 4440.36 52.58 1.20%
#Silver 65.799 0.4820.74%
Platinum 1775.10 10.5 0.60%
For the market-risk picture, we wouldn’t upgrade Iran’s continued retaliation into a second consecutive night to another major Hormuz shock,
– There is no newly confirmed hit on Gulf oil/LNG infrastructure, no new confirmed American deaths, and no newly reported successful attack on commercial shipping beyond what we were already tracking.
– That said it is keeping the probability of one of those tripwires being hit elevated.
There is also fresh confirmation of how distorted LNG physical flows have become:
Qatar & UAE have resorted to ship-to-ship LNG transfers outside Hormuz to get cargoes onward to India and Japan.
Reuters says three such transfers occurred in August & that Asian spot LNG prices