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Oil futures spiked 8.5% in New York in a broad market rally after Pfizer and BioNTech reported their vaccine prevented more than 90% of symptomatic infections in a large study. Coronavirus cases were still rising globally.
Expectations of a widely distributed vaccine raised hopes for a recovery in fuel demand, lifting crude prices and the diesel and energy complex that feed producers pay for.
bloomberg.comAndres Guerra LuzNov 9, 2020After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
After 105 past bullish macro events, ULSD / Diesel moved a median -0.4% over 5 sessions (45% higher; middle half -3.4% to +1.8%), and +1.2% 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.
Bloomberg describes the oil spike on vaccine news as a broad risk rally lifting demand expectations.
Vaccine news triggered a broad rally with oil futures up 8.5%, which pulled ULSD higher via crude input cost and demand sentiment.
