Official Brent is $107. The physical grade already ran to $130. That gap is the market admitting the inventory number and the pipeline story cannot both be true.
- WTI near $104 to $105. Brent near $107 to $108. Both off 1% or so after Tuesday’s jump.
- Tuesday settle. WTI up 4.4% to about $105.83. Brent up 2.9% to about $108.75. Diesel futures hit a record.
- API said US crude stocks rose 7.1 million barrels in the week to Sept 11. Street wanted a 1.6 million draw.
- Saudi East-West pipeline still shut after weekend drone hits. Some September cargoes to Europe cancelled. Energy Secretary Chris Wright told CNBC it should last days.
- Dated Brent already printed above $130 in the physical market, even while paper Brent sits under $110.
- Natural gas Henry Hub about $2.92. Quiet next to the crude circus.
https://www.cnbc.com/2026/09/16/oil-prices-today-brent-wti-hormuz-iran-war.html
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