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Oil fell about 9% on Tuesday, its biggest daily drop since March, as fears of a global recession and COVID lockdowns in China grew. WTI crude was among the benchmarks that slid sharply.
Expectations of weaker energy demand lower diesel and crude costs, which eases feed transport and processing costs but signals softer broader commodity demand.
reuters.comLaila KearneyJul 5, 2022After 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 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% 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.
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.
Reports the oil plunge on July 5, the biggest daily drop since March, driven by global recession and China lockdown fears (demand destruction).
Oil's biggest daily drop since March on recession and China lockdown demand fears directly drove the diesel sell-off.
