DTN Oil Update
Oil Prices Retreat From 1-Week Highs on US-Iran Talks
VIENNA (DTN) -- Oil prices slid Friday morning on revived negotiations between the U.S. and Iran in New York. The talks marked the first time diplomats from Tehran and Washington met directly since June, sparking market optimism about a deal that could reopen the Strait of Hormuz.
By 9:15 a.m. EDT, ICE Brent for November delivery was down $1.66 to trade near $104.94 bbl, and NYMEX WTI for November delivery fell $1.89 to $92.72 bbl.
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Downstream, NYMEX ULSD for October delivery edged lower by $0.0152 to $4.7151 gallon, and front-month RBOB futures retreated $0.1554 to $3.4092 gallon.
The U.S. Dollar Index softened by 0.305 points to 100.715 against a basket of foreign currencies.
U.S.-Iranian negotiations have this week reportedly entered their exploratory phase after a three-month-long period of exchanging messages via Pakistani mediators that followed the expiry of a de jure 60-day ceasefire.
The White House, meanwhile, denied rumors that the administration was considering a temporary ban on diesel exports. Fears of an export ban, sparked by comments made by U.S. President Donald Trump on Wednesday, propelled oil prices to their highest in a week and led to a rally in European gasoil futures.
Elsewhere, Saudi Aramco announced that it had restarted its East-West pipeline at reduced flow rates following a two-week shutdown. Ship tracking data showed that loading operations at the Red Sea port of Yanbu were still idle. The country has, in response to the loss of its central workaround to the blockade of the Strait of Hormuz, all but maximized oil shuttling operations in the Gulf of Oman.
Increased ship-to-ship transfers, the quick restoration of some pipeline flows, and revived truce hopes have put most oil futures on track for weekly declines. As of Friday morning, WTI's front-month contract was down 7.5% on the week, and ULSD was eyeing a more than 8% week-on-week drop. Only Brent futures held on to earlier gains this week, currently up less than 1%.
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