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Crude oil fell about $10 per barrel and diesel and gasoline dropped roughly 30 cents in one session, with no typical rebound following. Goldman Sachs said the market had overshot a reasonable level because of thin holiday volumes and technical selling.
A sharp fall in diesel and crude prices lowers fuel costs for feed mills and transport, but the lack of a rebound signals weak buying interest. Buyers face uncertainty over whether the drop is a trend or a temporary dip.
mansfield.energyAlan ApthorpJul 6, 2022Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Describes diesel dropping about 30 cents in one session alongside crude, with thin holiday volumes and technical selling amplifying the move.
Goldman said the drop was exaggerated by thin holiday volumes and technical selling, which adds a flow-based mechanism for the move.
