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Energy futures extended a recovery rally for a fifth straight session as traders awaited Israeli retaliation against Iran after missile barrages. A major hurricane was moving through the Gulf of Mexico, though it was expected to largely miss oil production and refining hubs.
Energy price strength tied to Middle East escalation raises fuel and freight costs for feed makers. Analysts warn of possible downside in RBOB and ULSD if the market sells the news after an Israeli attack.
tacenergy.comOct 7, 2024After 626 past bullish geopolitics events, WTI moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, BRENT moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 250 past bullish geopolitics events, DIESEL moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), 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.
