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CME research says weak global oil demand, especially from China, has limited refinery crude intake and pushed diesel prices down more than crude. WTI was around $71 a barrel in mid-November, about 10% below early summer levels.
Softer crude and diesel demand lowers energy input costs for ethanol, freight and fertilizer, a bearish signal for feed-chain costs.
interactivebrokers.comPaul WightmanNov 19, 2024After 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 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.
