West Texas Intermediate crude futures on the New York market closed lower on Friday, September 18, after China acted on a request from Saudi Arabia by calling on Iran to limit attacks on Saudi oil infrastructure carried out by Houthi rebels, attacks that have created risks for the Middle East's second-largest oil export route. October-delivery WTI crude fell $1.61, or 1.58%, to close at $100.30 a barrel, while November-delivery Brent crude fell 95 cents, or 0.91%, to close at $103.87 a barrel. Data from AAA showed the U.S. retail price of diesel at $6.45 a gallon, a record high, while the average retail price of gasoline stood at $4.47 a gallon. IIR Energy said on Friday that U.S. refining capacity in operation is expected to fall by 371,000 barrels per day next week, while JPMorgan said on Thursday that, for the first time since the U.S.-Israeli war with Iran began in February, the bank has no clear baseline view on the oil market. Bloomberg News reported on Friday that Saudi Aramco has told at least two European refining customers they will not receive crude next month after attacks on a key Saudi pipeline to the Red Sea. Three pumping stations serving Saudi Arabia's East-West pipeline were damaged in attacks last week, one more than previously estimated, and Saudi Arabia is trying to restore about half of the East-West pipeline's transport capacity within the next few days.
JPMorgan Chase & Co
