
Front-month Brent settled at $95.84 a barrel on November 13, down 18.5% over two weeks. Ukraine struck a ninth Russian refinery since early November, and the diesel crack spread widened to roughly $105 a barrel from about $37 in January and February.
A wide diesel crack reflects tight distillate supply, with global stocks about 13% below five-year averages, which keeps diesel costs high for trucking and farm operations even as crude falls.
After 107 past bullish macro events, ULSD / Diesel moved a median -0.5% over 5 sessions (44% higher; middle half -3.3% to +1.6%), and +1.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.