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Oil continues to plunge: WTI falls below $96, Brent below $100 after Trump prepares to negotiate with Iran
Global crude oil prices fell for a fourth consecutive trading day, with West Texas Intermediate crude for October delivery dropping $5.25, or 5.23%, to $95.05 a barrel, slipping below the $96 a barrel level, while Brent crude for November delivery fell $4.60, or 4.43%, to $99.27 a barrel, slipping below the $100 a barrel level. The decline followed reports that President Donald Trump is ready to negotiate with Iran and that the United States will not strike the Houthis, an Iranian ally, even though Saudi Arabia has urged the United States to act. The New York Times reported that President Trump said on September 20 that he was open to meeting with Iranian President Masoud Pezeshkian at the United Nations General Assembly in New York this week, and stated that options for dealing with Iran include destroying Iran entirely, letting Iran decline economically, or making a deal with Iran. Meanwhile, Mohammad Bagher Ghalibaf, head of Iran's negotiating team, said Iran has submitted its conditions to the United States through intermediary countries to discuss reopening the Strait of Hormuz.
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Equinor Signs Long-Term LNG Supply Deal With Thailand's PTT Trading
Equinor ASA has signed a long-term agreement with Thailand's PTT Trading for the supply of liquefied natural gas, though the Norwegian energy firm did not disclose the contract's volume. The deal builds on an existing relationship in which Equinor regularly supplies PTT Trading with crude and refined products. The agreement supports Equinor's recently announced plan to expand its global LNG portfolio to nearly 10-15 million tons per year by the early 2030s, with a particular push in Europe and Asia. Equinor produces LNG at the Hammerfest LNG plant in northern Norway and also buys LNG under long-term contracts with Cheniere Energy, having lifted its first cargo from Cheniere's Sabine Pass facility in August. The company said the United States will play a crucial role in its LNG business as it seeks to meet growing demand from Europe and Asia.
Bundesbank expects inflation to stay elevated on energy costs and healthcare reform
In its monthly report published on the 21st, Germany's central bank, the Bundesbank, projected that German inflation will "remain elevated for some time." It cited energy price surges tied to the situation in Iran and changes to healthcare-related rules, noting that revised pharmaceutical supply rules and healthcare system reform will temporarily push inflation up by nearly 0.5 percentage points in the first half of 2027. It also mentioned the risk that inflation drivers such as persistently high fuel and oil-related product prices and low gas inventories could spill over into other sectors. The report projected that Germany's economy will grow only slightly in the July-to-September quarter of 2026, held back by weak exports and consumption and the effects of drought, but that it will head toward recovery within the year, and it maintained its expectation of a recovery in the October-to-December quarter of 2026. It pointed to improving business sentiment in manufacturing and support for the construction sector from public works projects, while noting that the outlook "also depends on developments in the Middle East and on when water levels on major waterways recover." In Germany, voter discontent over the rising cost of living and economic stagnation has grown into a major political issue, and the August consumer price index rose 2.9 percent year on year on the European Union standard.