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UK red diesel prices fell 3p per litre in a week to about 55p, after US crude hit a six-month low. A surge in US crude, gasoline and diesel stocks rose by 22 million barrels, the largest weekly rise in 30 years.
Most farmers had already bought their harvest fuel, so demand for new purchases has not picked up.
Lower diesel costs reduce farm operating expenses, but limited buying means little near-term demand response. Crude's fall reflects a bearish inventory report and trade concerns.
fwi.co.ukJonathan RileyJun 6, 2019After 171 past bearish report events, WTI moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 86 past bearish report events, DIESEL moved a median -0.9% over 5 sessions (37% higher; middle half -4.3% to +0.9%), and +0.4% 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.
