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Oil markets plunged after OPEC talks with Russia collapsed, and Saudi Arabia signaled a price war. Saudi Arabia planned to raise output above 10 million b/d and cut its official selling differential by $6/b, believed to be the largest cut ever.
Analysts noted oil demand was falling because of the coronavirus slowdown.
Saudi output expansion and price cuts into a demand slump point to sharply lower crude and diesel prices. Cheaper diesel lowers trucking and farm fuel costs, though the price war adds volatility to energy-linked feed input costs.
freightwaves.comJohn Kingston9 mar 2020Tras 255 eventos bajista de geopolítica pasados, Petróleo crudo (WTI) se movió una mediana de -2,4 % en 5 sesiones (31% al alza; mitad central entre -7,0 % y +1,7 %), y -5,0 % en 20.
Tras 250 eventos bajista de geopolítica pasados, Petróleo crudo (Brent) se movió una mediana de -3,1 % en 5 sesiones (36% al alza; mitad central entre -7,9 % y +1,6 %), y -5,5 % en 20.
Tras 51 eventos bajista de geopolítica pasados, ULSD / Diésel se movió una mediana de -2,4 % en 5 sesiones (37% al alza; mitad central entre -8,2 % y +3,9 %), y -2,3 % en 20.
Variaciones de la referencia de cada materia prima desde el último cierre antes del evento. Las lecturas históricas agrupan eventos pasados del mismo tipo; describen lo ocurrido, no lo que ocurrirá. No es asesoramiento de inversión.
Saudi Arabia planned output above 10 million b/d and the largest-ever cut to official selling differentials, a supply surge against falling demand.
Describes Saudi plans to raise output above 10 million b/d and make record cuts to selling prices, plus weak coronavirus-hit demand, which directly pressures diesel prices; dated a day after the move.
It describes the Saudi plan to raise output above 10 million b/d and make a record cut to its selling differential, a supply factor behind the plunge, alongside weak coronavirus-hit demand.
