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Oil fell intraday to three-month lows, with WTI settling at $63.69 per barrel, as rising COVID-19 cases and a stronger dollar weighed on prices. Goldman Sachs cut its third-quarter GDP forecast on expected Delta-driven slowing, and ULSD and RBOB also settled lower.
Lower expected fuel demand and a firmer dollar both reduce crude and diesel prices, which lowers energy costs for feed mills and transport. OPEC+ is seen keeping its planned output increases, which limits any supply-driven recovery.
burkeoil.comKelly BurkeAug 19, 2021After 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.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), 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.
