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Oil prices rallied in early January after an early dip below $45 per barrel, with WTI near $46.69 and diesel and gasoline also higher. The rally came despite China's factory activity hitting a 19-month low and its cut to 2019 crude import quotas, offset by OPEC+ output cuts of 1.2 million barrels per day.
OPEC+ supply cuts support crude and diesel prices, which feed through to freight and processing costs for feed. Weaker Chinese demand and import quota cuts are a bearish offset that limits upside.
mansfield.energyAlan ApthorpJan 2, 2019Not 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.
