Gold surges over $100 this morning as the current crisis intensifies.
Saudi Arabia’s Pipeline Shutdown…
September 17 (King World News) – Peter Schiff: Gold’s morning rise of over $100 is a clear no-confidence vote in the Fed’s 25 basis point rate hike. Investors would rather own gold with no yield than 10-year Treasuries with a 5% yield, as that is not nearly enough to offset the purchasing power that will be lost to inflation.
Saudi Arabia’s Pipeline Shutdown…
Jack Prandelli: The scale of what’s at stake is worth sitting with.
The East-West pipeline can carry up to 7 million barrels a day from Abqaiq to the Red Sea.
It is Saudi Arabia’s only way to move crude west without touching the Strait of Hormuz.
With it down, Yanbu’s own exports were already running at 3.2 million barrels a day in August, against total Saudi exports of 7.1 million barrels in February.
The Hormuz route alone carried 6.2 million barrels a day in 2025.
The alternatives don’t come close to covering the gap.
The Suez route can absorb 1 to 1.5 million barrels.
Bab el-Mandeb, another 2 to 2.5 million, and that strait has its own security problems right now with Houthi activity intensifying nearby.
Add it up and there’s a multi-million-barrel hole between what Saudi Arabia needs to move and what the workarounds can carry until the pipeline is back.
Serious Inflation
Ole Hansen, Head of Commodity Strategy at SaxoBank: Brent near USD 110 is masking a much tighter physical oil market. Saudi pipeline disruptions have pushed Dated Brent above USD 130, while diesel has surged beyond USD 220 as refiners scramble for scarce barrels and export curbs loom.
Another Record…
The Kobeissi Letter: BREAKING: US diesel prices officially rise to a new record of $6.40/gallon, now up over +88% in 9 months. Truck drivers are now paying $3.00 more per gallon for diesel than they were in January in the midst of peak demand season. The average gas price in the US is now up to $4.44/gallon, ~13% away from a new record high. Market expectations for additional rate hikes are rising.
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