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WTI fell $2.22 to $56.59 and Dated Brent lost $2.58 to $66.87 after a bearish EIA inventory report and renewed U.S.-China trade concerns. Gasoline and diesel also declined, with Pacific Northwest prices dropping 17 cents a gallon.
Pump prices were trending lower.
Crude and refined product weakness lowers diesel and energy costs for feed producers and transporters. Trade-driven selling indicates risk-off sentiment that could persist if tensions continue.
gasbuddy.comGasBuddyMay 31, 2019After 80 past bearish trade events, Crude Oil (WTI) moved a median -2.2% over 5 sessions (30% higher; middle half -6.9% to +0.8%), and -1.5% over 20.
After 56 past bearish trade events, Crude Oil (Brent) moved a median -5.6% over 5 sessions (20% higher; middle half -9.0% to -1.7%), and -4.5% over 20.
After 28 past bearish trade events, ULSD / Diesel moved a median -0.1% over 5 sessions (50% higher; middle half -5.0% to +1.7%), and +0.9% 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.
On May 31 Dated Brent lost $2.58 after a bearish EIA inventory report and renewed trade concerns.
May 31 crude drop of $2.22 on a bearish EIA inventory report and trade concerns, with diesel also declining.
