OIL: Crude Still Falling As Talks Continue, Zelenskyy & Pezeshkian To Speak
Oil has continued to trend lower during Wednesday's APAC session as talks continue on the sidelines of this week's UN gathering. The fact negotiations are even taking place to facilitate Middle East energy shipments is driving optimism in markets but the situation remains very precarious. Brent is down 1.1% to $98.14/bbl after briefly breaking below $98.00, while WTI is 1.5% lower at $89.20/bbl following a trough of $88.71. * US special envoy Witkoff said that lengthy talks have taken place with the Iranian delegation through mediators and they are set to continue. Iran's foreign ministry official Baghaei confirmed that Qatar is mediating and that the purpose of the talks is to communicate Iran's demands. President Pezeshkian is due to speak to the UN Wednesday and has arrived in New York, according to IRNA. * Ukrainian President Zelenskyy has asked President Trump for a military package including air defence items. He said that Ukraine had destroyed 45% of Russian refining capacity. He is also due to speak before the UN today and may name China, India and Turkey for their support of Russia. The US wants Ukraine/Russia to cease targeting energy infrastructure. * Gasoil is 0.4% high
Oil has continued to trend lower during Wednesday's APAC session as talks continue on the sidelines of this week's UN gathering. The fact negotiations are even taking place to facilitate Middle East energy shipments is driving optimism in markets but the situation remains very precarious. 71. * US special envoy Witkoff said that lengthy talks have taken place with the Iranian delegation through mediators and they are set to continue.
Iran's foreign ministry official Baghaei confirmed that Qatar is mediating and that the purpose of the talks is to communicate Iran's demands. President Pezeshkian is due to speak to the UN Wednesday and has arrived in New York, according to IRNA. * Ukrainian President Zelenskyy has asked President Trump for a military package including air defence items. He said that Ukraine had destroyed 45% of Russian refining capacity.
He is also due to speak before the UN today and may name China, India and Turkey for their support of Russia. The US wants Ukraine/Russia to cease targeting energy infrastructure. 5% Tuesday. There are calls from US politicians to ban diesel exports with Republican Hinson the latest and Trump supporting the idea, which would exacerbate global shortages.
The Russian diesel export ban is likely to be extended given attacks on refineries. It accounted for 11% of 2025 diesel exports (Bloomberg). * 8mn barrels last week, according to those familiar with the API data. 2mn.
The official EIA data is out Wednesday. * Later the Fed's Barr and Goolsbee speak and ECB's Vuji, Machado, Cipollone, Lane and Tuominen appear. US/European September preliminary PMIs are released.