Ukraine's drones took 2 to 4.3 mb/d of Russia's refining offline. Crude faded below $100; the diesel crack hit a record $104.
The futures that matter moved in opposite directions on 22 September. Spot gold settled the session near $4,366.70, down 0.39%, while silver came in near $66.08, off 0.50%. Brent traded around $97.58 and WTI near $93.40, both up on the day but well off the $103.87 Brent settle from 18 September. The strip of quotes tells the real story: metals are digesting a large run into a dollar-and-rate pullback, and crude is giving back a war premium, while the actual supply squeeze has moved into the refined-product crack.
Key Takeaways Gold held $4,333 (the one-month low tested 14-15 Sep) into a firmer dollar and a 5%-area long end, closing near $4,366.70 on 22 Sep. Silver tracked gold with higher bet…
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