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23.09.26 - 14:01
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"Developments Can′t Be Ignored" As Brent Tumbles On Iran Talks, Saudi Pipeline Restart Hopes: UBS (ZeroHedge)
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"Developments Can't Be Ignored" As Brent Tumbles On Iran Talks, Saudi Pipeline Restart Hopes: UBS
Brent crude slipped below $99 a barrel, falling as low as $97.77 in the overnight hours, as renewed US-Iran diplomacy and prospects for restored Saudi oil exports eased supply concerns. But as Goldman Sachs energy experts warned on Tuesday, the global refining nightmare will persist through next year.
The benchmark has slipped nearly 11% since mid-month after topping out around $109.65. Reports this week of a partial restart of Saudi Arabia's East-West pipeline and Asian buyers being slated to resume cargo loadings at Yanbu offered some relief to a tight physical market.
Full East-West pipeline repairs could take as long as two months, according to local reports. Even limited operations would ease the immediate supply squeeze.
President Trump said US officials held "very good" talks with Iranian representatives at the United Nations General Assembly in New York on Tuesday.
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22.09.26 - 21:39
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Bank Stocks Slide On Resurgent Agentic Fears (ZeroHedge)
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Bank Stocks Slide On Resurgent Agentic Fears
It used to be software that was the first casualty of fears of AI disruption. Today, it's the banks.
In a generally flat (and higher for tech stocks) market landscape, banks are conspicuously underperforming today, prompting questions what's the reason for the underperformance.
According to some traders, the reason is the market's newfound obsession with the latest shiny agentic models that are taking the world by storm.
As Goldman trader Gaelle Jarrousse writes, she is noting the agentic hit on bank and insurance stocks. She lays it out as follows:
I took a close look at INSTINCT, the ready to use personal agent with simple chat interfaces incl what's app integration. The other one is MUSE in the US. You can ask INSTINCT pretty much everything you want from find a bottle of wine and buy it for you, gym class, restaurants bookings, travel bookings but also find an insurance products and buy it for you, ie this is a one step ahead vs Moneys...
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22.09.26 - 21:39
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Goldman Warns Nightmare Refining Crisis Could Prolong Diesel, Gas Price Pain Through 2027 (ZeroHedge)
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Goldman Warns Nightmare Refining Crisis Could Prolong Diesel, Gas Price Pain Through 2027
Goldman energy analyst Nikhil Bhandari warned in a note on Monday that the global refining system is too stretched to support a full recovery in fuel demand while inventories rebuild. This suggests that fuel prices will remain elevated into next year.
Bhandari told clients that refining margins must remain elevated to restrain consumption and limit restocking, keeping demand within the industry's ability to supply diesel, gasoline and jet fuel.
On an ex-China basis, Bhandari expects 300,000 barrels a day of refining capacity additions in 2026 to be offset by 600,000 barrels a day of closures, leaving another year of net capacity losses.
Bhandari said if demand rebounds to 1% above 2025 levels while buyers attempt to replace half of this year's inventory draws, refinery utilization would have to reach unprecedented levels. This is a territory that he said, "We do not view as operationally r...
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22.09.26 - 20:12
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Trump Addresses UN as Caution Grips Wall Street (Bloomberg)
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Get a jump-start on the US trading day with Dani Burger on "Bloomberg Open Interest." President Trump takes center stage at the United Nations General Assembly as world leaders step up diplomatic efforts. Oil wavers as Saudi Arabia looks to resume flows through a key pipeline, while traders watch for signs of progress toward reopening the Strait of Hormuz. Plus, AI fears linger as chip competition heats up and data-center backlash grows. Principal Global Investors Chief Global Strategist Seema Shah and Goldman Sachs Chief US Equity Strategist Ben Snider weigh in as caution grips Wall Street following a rally that pushed stocks near all-time highs. (Source: Bloomberg)...
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