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Crude fell to $52.64 a barrel after an API report showed a 3.6 million barrel build, larger than the expected draw. Diesel fell 2.7 cents to $1.7942 and gasoline also declined on larger-than-expected distillate and gasoline builds.
Fed Chair Jerome Powell said the Fed is prepared to cut rates if the US-China trade war slows the economy.
Stock builds and possible Fed easing both point to softer energy prices, which lower fuel and transport costs for feed buyers. Rate-cut expectations can also weaken the dollar and support commodity prices.
mansfield.energyAlan ApthorpJun 5, 2019After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 79 past bearish macro events, ULSD / Diesel moved a median -1.0% over 5 sessions (39% higher; middle half -5.7% to +1.7%), and -1.5% 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.
