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The Panama Canal Authority will cut daily vessel transits to 25 starting November 3, falling to 18 by February 2024 because of record-low rainfall and low Gatún Lake levels. US diesel prices fell 9.1 cents per gallon in the week ending October 30 to an average of $4.454.
Reduced Panama Canal capacity during the US harvest raises ocean freight costs and may divert US Gulf grain exports to longer routes, which lowers net returns for US exporters. Lower diesel prices reduce farm and freight costs.
doi.orgNov 2, 2023Not enough comparable past events yet for a historical read.
After 18 past bearish logistics events, ULSD / Diesel moved a median +0.6% over 5 sessions (56% higher; middle half -1.5% to +3.3%), and -0.2% 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.
