Loading…
Global oil markets weakened on sluggish demand, and refinery margins fell partly because of a global slump in diesel values. The article suggests this could strengthen the case for OPEC+ to keep production cuts in place.
Weaker crude and diesel prices lower energy and freight costs for feed producers, though a possible OPEC+ response could limit the downside in crude.
reuters.comRobert HarveyMay 20, 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 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.
