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Crude oil fell for a second session as a stronger dollar and broader market concerns weighed on the complex, with WTI settling below $70 per barrel and Brent below $73. Singapore oil product stocks rose for a seventh week to their highest since 2020, while US natural gas climbed on inventory draws.
Lower crude and a firmer dollar reduce energy costs and make US commodity exports less competitive, which pressures feed-ingredient prices. Rising US gas prices add to input costs for fertilizer and ethanol.
think.ing.comEwa Manthey, Warren PattersonDec 20, 2024After 565 past bearish macro events, 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, BRENT moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
After 155 past bullish macro events, NATGAS moved a median +0.1% over 5 sessions (51% higher; middle half -4.0% to +7.1%), and +2.0% over 20.
After 2,356 past bullish macro events, DXY moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
